Скачать или смотреть America COMPETES Act Explained 🚨 Will This New Law KILL CRYPTO?

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⏱️ — Video Timestamps
00:00 - Intro
00:32 - This Is Your Brain On Blockchain
00:57 - The Bill That Will Kill Crypto?
01:30 - Janet Yellen; Judge, Jury, Executioner
01:57 - What's Changing?
06:23 - Call Your Senator!
07:00 - Outro

🔥 — Included in the America COMPETES Act just introduced in the House, and which will very likely pass in some form, is a provision that would be disastrous not just for bitcoin but for privacy and due process generally.

The new bill: https://rules.house.gov/sites/democra...

Coincenter's legal arguments: https://www.coincenter.org/new-bill-w...

Feel free to copy/paste this to your senators, or call them and leave a message:

Mr. Senator

I’ve just seen language in the America COMPETES Act of 2022 (see page 1482)—a bill ostensibly about economic competitiveness with China—that would strip all administrative procedures and safeguards from the imposition of so-called “special measures” prohibitions in the Bank Secrecy Act while simultaneously expanding authority for such prohibitions to cryptocurrency activities. In brief, it would hand the Treasury Secretary unchecked discretion to forbid financial institutions (including cryptocurrency exchanges) from offering their customers access to cryptocurrency networks. The Secretary may not use this discretion immediately, but it is not power the Department should have.

This amendment offers the Secretary an entirely unchecked power to secretly ban or condition any transaction at any domestic financial institution. It is a dangerously authoritarian approach to solving money laundering concerns. Additionally, the delegated power to the Secretary to arbitrarily define and redefine the term “transmittal of funds” is an offense to our separation of powers and the rule of law. Congress and Congress alone is empowered by our constitution to make law; handing unelected officials at Treasury an ambiguous power to decide that certain customer activities at banks and other financial institutions can be blocked one day and not blocked the next is unconstitutional, unfair, and exactly what you would expect from a totalitarian regime, not from a well-functioning democracy.

I ask of you, please, take action to make sure that notice and comment and duration limitations are not removed from 31 U.S.C. § 5318A as the America COMPETES Act would do.

Thank you for your time and effort.


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