Legislation Introduced That Would Give US Treasury Secretary 'Unchecked, Unilateral Power' to Ban Crypto Transactions

Jan 28, 2022

A new bill introduced in the US House of Representatives by US Rep. Jim Himes (D-CT), would give perhaps the least educated public official on cryptocurrencies, US Treasury Secretary Janet Yellen, “unchecked and unilateral power” to ban cryptocurrency transactions

Jerry Brito, executive director of Coin Center, a crypto advocacy organization focused on public policy, warned the “America COMPETES Act of 2022,” introduced in the House Tuesday, would prohibit any crypto transactions “without any process, rulemaking, or limitation on the duration of the prohibition.”

Brito explained the bill contains a “special measures” provision “that would be disastrous not just for cryptocurrency but for privacy and due process.”

“The so-called ‘special measures’ provision,” Brito said, “would essentially give the Treasury Secretary unchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transactions.

“[Currently], the law requires that Treasury engage in a public rulemaking before instituting a prohibition,” Brito said, but explained, “the secretary can impose a surveillance special measure through a simple order, but its duration is limited to 120 days and must be accompanied by a public rulemaking.”

The new provision would allow and empower Yellen to do three things:

Add ‘certain transmittal of funds’ to the list of things that can be banned by the Secretary
Eliminate all public notice and comment requirements
Eliminate the 120-day limitation for measures imposed without regulation.

“If adopted into law,” Brito warned, “this provision would be a disaster not just for crypto but for privacy and democratic public process related to all types of financial transactions...It empowers the Secretary to prohibit any (or indeed all) cryptocurrency transactions – or any other kind of transaction – without any process, rulemaking, or limitation on the duration of the prohibition.”

Why This Is Important

It is abundantly clear to even a modest spectator of the cryptocurrency sphere that the governments of the world are both ignorant of the wealth-generating concept of cryptocurrency and terrified of the prospect of losing control of their ability to gerrymander currency valuations.

So, the idea of empowering perhaps the most uneducated person on the subject, US Treasury Secretary Janet Yellen, with the authority to destroy a financial sector that has generated immense amounts of wealth for the average person is one of the most irresponsible moves our government can make, especially in a time of purposefully manufactured inflation that is killing the average American’s worth.

Yellen and her peers at the Securities Exchange Commission (SEC) and the Federal Reserve have routinely exhibited a deficit in understanding the enormous wealth potential for the everyman that the cryptocurrency sphere affords. This is evident by their continued ham-handed statements that damage not only the traditional US economy but the cryptocurrency realm as well.

Just like the chaotic and corrupt management of the COVID pandemic by their governmental counterparts at the Food & Drug Administration, National Institutes of Health, and the Centers for Disease Control & Prevention, Yellen and her crew are either completely inept in their management of the United States’ economic sector or purposely compromising it to create transformative chaos.

To the latter point, Yellen – a member of the far-Left fascist cabal that is currently puppet mastering the Biden administration, is fully supportive of the World Economic Forum’s Great Reset and is quietly supporting (through her actions and edicts) the economic transformation of the American economy from a mixed free-market capitalist system to the Communist Chinese stakeholder hybrid model of “commu-capitalism,” the economic scheme championed by the Davos elite through the World Economic Forum.

The decentralized nature of cryptocurrencies – like Bitcoin, Ethereum, and others – strikes fear into the hearts of the global elite because it removes the overly intrusive financial regulatory power the governments of the world hold, ends the grafting of the traditional banking system (which uses your money to create its wealth and charges you a price to do so) by bypassing traditional banking altogether, and puts Wall Street on notice that their irresponsible derivative schemes must take a backseat to a financial system that holds accountability and transparency sacrosanct.

Yellen and her cohorts prove their ignorance of the cryptocurrency sphere every time they fear-monger about criminals being able to money launder and move dirty money through cryptocurrencies. Any elementary understanding of blockchain exposes those claims for the lies that they are because the blockchain is an open ledger that actually facilitates the exposure of illicit transactions.

Further, the false narrative that the “mining” required to empower cryptocurrency transactions is damaging to the environment continues down the avenues of the untruthful. While the crypto-mining community is innovating to make their apparatuses more powerful and efficient – and employing renewable energy platforms, traditional banks and the traditional banking system use dramatically more energy than the crypto-mining sector.

There is a good chance that if challenged on her irresponsible and ignorant assertions about cryptocurrency and how “dangerous” they are, Yellen’s defense of her statements would fall like the “house of cards” that they are. But the elected class – that exists just as ignorant for the most part – will never challenge her.

This is especially true for the reprobate elected class as well, starting with US Sen. Elizabeth Warren (D-MA), who never met a financial product she didn’t want to completely control, to US Rep. Maxine Waters (D-CA), who only knows how to graft the public for her own personal gain, and US Rep. Himes, who introduced this irresponsible and ridiculous bill provision that would grant a unilateral fiduciary power to a cabinet member of the Executive Branch.

We must all make our voices heard on this piece of legislation. For the good of our nation’s economy, for the good of our own ability to hold and accrue wealth, for the economic prosperity of our children, we must make sure this bill is defeated and unilateral power like this is never granted to the Executive Branch ever again.

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