The US Treasury will not be able to block international transactions in cryptocurrency for more than 120 days – Bits Media

The head of Coin Center said, The head of Coin Center said, The head of Coin Center said, The head of Coin Center said, allowing you to block international cryptocurrency transactions for an unlimited time.

CEO of the Coin Center think tank Jerry Брито (Jerry Brito) reported on Twitter, что в ходе слушаний в Палате представителей Конгресса США ему удалось достичь соглашения с конгрессменом от штата Коннектикут Джимом Хаймсом (Jim Himes). In this way, из законопроекта, expanding the powers of the US Treasury Department, The head of Coin Center said, allowing you to block international cryptocurrency transactions for an unlimited time. Haims, who put forward the inclusion of this provision in the bill and acted as Brito's opponent, confirmed the cancellation of the provision.

Now, in accordance with current legislation, US Treasury Secretary after consultation with the Chairman of the Federal Reserve (FRS), Secretary of State, federal regulators and other agencies have the authority to impose such restrictions on international transactions. However, a public notice of rulemaking must be issued along with the restriction.. In this case, the restriction is lifted through 120 days, if the Treasury does not use the rule, extending the block after a period of discussion.

This is a provision of the American Competition Act from 2022 year - bill, which was tabled in the US House of Representatives last week. Introducing this provision would allow the Secretary of the Treasury to block or "impose conditions" on transactions, if the department reveals, that the transaction or accounts involved are involved in money laundering. Brito argued, what, if the position had been adopted in its original form, this would deal a serious blow not only to the cryptocurrency industry, but also on “confidentiality and due process in general”.

Reuters recently conducted a large-scale study of the work of the largest cryptocurrency exchange Binance. According to the agency, Anti-money laundering procedures on the site are much weaker, what is stated. Late last year, Binance's subsidiary in Turkey was fined by the Financial Crimes Investigation Council. (COOK) for ₺8 million for non-compliance with anti-money laundering rules. Considering, How are things going with money laundering prevention on the largest centralized exchange?, You can assume, that any cryptocurrency transaction may be blocked by the US Treasury. And easing the bill will protect the rights of many cryptocurrency owners.