The recently enacted bill-America COMPETES Act of 2022 has empowered the secretary of the treasury, Janet Yellen in determining the direction of the crypto sector in the United States (US).
It is understood through the act tabled on Tuesday, Yellen was able to change the fate of the crypto market in the blink of an eye:
“The treasury secretary has the power to block any cryptocurrency transaction across financial institutions without any process; legislation; or a time limitation on the restrictions imposed. ”
Coin Center executive director Jerry Brito described the presence of this bill as not only ruining the crypto market but would also undermine privacy and related processes.
In addition, the act also covers all financial institutions in the US and was introduced with the objective of tackling international money laundering.
This means, Yellen reserves the right to remove any account found to have an element of money laundering involving any party or organization outside the U.S.
Not enough of that, if the current law outlines some flexibility-the public will be informed and given an opportunity for any views or comments; and as the restrictions cannot be more than 120 days, this time more stringent:
Restrictions apply to the ‘remittance of certain funds’ act regardless of the cause.
Removal of all public notices and comments.
There is no longer a provision for a period of 120 days, instead legal action is taken immediately.
Brito is confident, the bill puts the most pressure on cryptocurrency exchanges because of their worldwide services such as KuCoin, Binance, and Coinbase.
Any time a related entity will collapse. Most worryingly, the extent to which the crypto market will survive is in the hands of Yellen - a figure known for her uncompromising attitude.
Nobody knows.
