North Carolina Representative Ted Budd submitted an amendment to the omnibus America COMPETES Act of 2022, specifically targeting the provision that would allow the Treasury Department to impose “special measures,” including surveillance and outright prohibitions, against “certain transmittals of funds.”
As Cointelegraph reported, executives of crypto advocacy group Coin Center had earlier turned the spotlight on the provision, introduced by Connecticut Representative Jim Himes, that would scrap the existing checks — such as the requirement of public consultation and time limits on special measures orders — constraining the Treasury’s power to unilaterally prohibit financial transactions. If passed in its current form, the provision would deal a major blow not only to the cryptocurrency industry but to “privacy and due process generally,” as Coin Center’s executive director Jerry Brito stated.