their draft language for the America COMPETES Act, a bill that aims to bolster the US in its global rivalry with China.
The Biden administration's legislative agenda has faced a number of hurdles. The 3,000-page bill seems to be an attempt to garner a legislative win based on bipartisan concerns over China in advance of the November midterm elections. However, some in the crypto world are calling out a provision entitled"Prohibitions or Conditions on Certain Transmittals of Funds."
The section cites national security concerns over ransomware as a reason to expand the oversight authority of the Financial Crimes Enforcement Network, the US Treasury's anti-money laundering office. The Treasury repeats itsof $590 million in ransomware payments tracked in"just the first half of 2021."
"These innovations, particularly through digital assets and informal value transfer systems, while useful to legitimate consumers, are also a boon for bad actors like sanctions evaders, fraudsters, money launderers, and those who commit ransomware at tacks on victimized U.S. companies and which use the financial system to move and obscure the proceeds of their crimes."
The Treasury's solution is to give FinCEN broad authorization to freeze or limit transactions from jurisdictions or even just accounts to be deemed"of primary money laundering concern."
Smh just push the usdc thats america competing
Best strategy I ever took was buying a little bit every day and increasing the amount of those buys during dips into bitcoin is the best strategy of the past decade Following victor_griffin_ tweets, prediction and tips I have really learnt a lot about how Bitcoin works
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🍴 we need more Congress forks
Call your senator!
The current bill is just a draft. But as illustrated by the Infrastructure Act of late last summer, legislation is moving in fits and starts. This bill, too, could face a truncated process given political pressures. However, the Senate, in particular, has been a stumbling block.
Therefore, you need to purchase Tether and secure your assets.
Sound alarms over whatever you'd like...you will do nothing about it...what you will do however, is capitulate and then become an advocate of the latest form of subjugation, likely aggressively confronting those who hold out attempts to stop the transgressions...
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