Utopia Talk / Politics / Crypto advocates blast House China bill

murder Member	Wed Jan 26 13:20:58 Crypto advocates blast House China bill for ransomware proposal The bill includes language that would grant the Treasury secretary more authority to freeze or monitor financial accounts used for cross-border illegal activity. Cryptocurrency proponents are blistering a House bill designed to bolster the United States' economic competitiveness with China, saying it could subject financial institutions to unchecked monitoring and oversight from the Treasury Department. What the bill says: The competitiveness bill released by House Democrats Tuesday night, H.R. 4521, includes language that would grant the Treasury secretary more authority to freeze or monitor financial accounts used for cross-border illegal activity. The language authored by Rep. Jim Himes (D-Conn.) is intended to address the use of digital assets in ransomware attacks, money laundering and other frauds. The Senate passed its version of the competitiveness bill, S. 1260, in a 68-32 vote last year. The House provision drawing ire from digital currency advocates was not in the Senate bill. What they’re saying: The cryptocurrency think tank Coin Center on Wednesday claimed the bill would eliminate legal safeguards protecting financial institutions and consumers from federal overreach — including caps on how long accounts can be monitored or frozen. The bill also grants the Treasury secretary more latitude to identify “transmittals of funds” — including digital assets — as a money laundering concern. Coin Center Director of Research Peter Van Valkenburgh said in an interview that the bill would create a “streamlined way to do Operation Choke Point,” referring to an Obama-era program to cut off fraudulent merchants from the financial system that’s often cited by Republicans as an example of political meddling in banking. “This shouldn't just be a crypto issue," he said. "This should be an issue for anyone who believes in free and fair access to financial services." Spokespeople for Himes did not immediately respond to a request for comment. Key context: Lawmakers faced a similar backlash last year, when a crypto tax reporting provision was included in what became the bipartisan infrastructure law. http://www...china-bill-ransomware-00002383
nhill Member	Wed Jan 26 14:55:34 Not specifically a crypto issue, even if it would target crypto the most. It would grant the treasury the following powers: 1. Impose measures against financial institutions through any process (even a phone call from a deputized prosecutor would likely suffice given these non-existent procedural safeguards) 2. Avoid any public notice and comment process to alert the public to measures and solicit feedback. 3. Make these measures apply into perpetuity even if they have not and never will be made through regulation. This is more of a government overreach issue. I have no problems with the actual law, but #2 is a dealbreaker. Not a fan of unilateral secret & unlimited regulatory power. They should have to respond to the public for their actions.
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