Congressman and crypto lobby scale back new Treasury surveillance authority in COMPETES Act
January 31, 2022, 5:50PM EST · 2 min readThe crypto lobby is on track to score a win on new financial surveillance legislation.an amendment to language in the so-called America COMPETES Act outlining new surveillance-related powers for the Treasury — language that crypto advocacy group Coin Center began warning of last week.
The language of the COMPETES Act as it originally came out last week would give the Treasury sweeping powers to freeze or block transactions and accounts interacting with foreign entities by expanding its existing authorities under 31 U.S.
The bill cited the need to combat ransomware in particular, and would also grant the Treasury extensive discretion to target transactions by type. Coin Center noted that this would create risk for crypto exchanges interacting with self-hosted wallets. As a result, the issue provoked aIn addition to requiring the Treasury to go through regulatory processes in order to block accounts, Himes's amendment would retain 120-day limits on such orders.
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