Cryptocurrencies

Members of Congress urge Treasury to calm down on cryptocurrency regulations – Cryptocurrencies

Should we welcome the potential arrival of Janet Yellen as Secretary of the Treasury with relief? Steven Mnuchin decided to make cryptophiles drool over it until the last second. This one wants to make a passage in force, in spite of discordant voices coming from members of the Congress.

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A controversial little law as a starting gift

At the end of December 2020, the US Treasury published a bill that aims to restrict the activities of exchanges with self-managed wallets.

The proposal was greeted with indignation by the cryptosphere. Many argue that the current Secretary of the Treasury, Steven Mnuchin, wants to pass this law a few weeks before the arrival of the new Secretary.

The public comment period closed on Monday, January 4, 2020. Around ten members of the US Congress signed a letter addressed to Mnuchin asking him to reconsider his positions.

You have to look for the little beast

New proposals are usually accompanied by an invitation to the public for comments over a 60-day period.

The signatories of the letter composed of members of the Blockchain Caucus, Warren Davidson, Tom emmer, David Schweikert, Darren soto and Ted budd, as well as the person in charge of AI caucus, Bill Cotton, dispute the failure to respect this deadline.

The proposal had been made public just before Christmas, for a period of 15 days. Including public holidays, the consultation period was therefore 8 days.

Personalities less involved in the sector also signed this letter, among whom Tulsi gabbard, Tom cotton and Suzan Del Bene.

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Some analysts believe that at this point the Treasury is unlikely to back down. In this case, a lawsuit on the basis of a procedural violation could be brought against the department.

Trump administration, Biden administration, for the cryptosphere it’s really “white cap and white cap”. New anti-crypto regulations are likely to emerge “under the rule” of the new Secretary of the Treasury. The “dollar emperor” must be protected at all costs, in its physical form or in its digital form. The cryptophiles want to block by citing a procedural flaw. Even if they were successful, they would just get a stay, eventually the ax will fall. It is not yet clear what Janet Yellen or someone else who would be named in her place will come out of her hat to challenge Steven Mnuchin to their favorite little game: who will be the best Bitcoin-killer?

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