Ted Budd officially responded to the latest proposed controversial America COMPETES Act of 2022.
Amid huge adoption of the crypto and blockchain industry, bad actors’ involvement is increasing and that is giving birth of lots of challenges for the government authorities like illegal funding and unlimited fund collection illegally.
Recently, Congressman Ted Budd proposed the America Competes Act 2022. On the proposed bill, the executives of crypto advocacy group Coin Center shared his stance and claimed that after the approval of this act US Treasury will have power to block any crypto transactions associated with illicit transactions. Executive noted that such things will act as a threat to the crypto industry against the decentralized nature and as a result of it the adoption rate of this industry will plunge.
Ted Budd, Republican Congressman, took the reference of that argument and responded that the US Government will use this proposal in favour of public benefits and also will scrub bill provisions.
“The Treasury Department should not have unilateral authority to make sweeping economic decisions without providing full due process of rulemaking. This draconian provision would not help America compete with China, it would employ China’s heavy-handed playbook to snuff out financial innovation in our own country.”
Through the tweet, Ted Budd quoted the Jan 27 official statment and wrote ” provision in the COMPETES Act would allow the Treasury Department to unilaterally prohibit certain financial transactions *without* public input”
“I’ve submitted an amendment to fix this massive mistake”
So here we can say that it was a human error not the framework error.
After this controversy, few people started to consider the $1 trillion US infrastructure bill, where bill considered crypto miners as broker.