U.S. Treasury is moving toward another power acquisition and under that power, the crypto industry may face a downfall in the adoption rate.
Despite huge volatility in the prices of crypto assets, people are adopting this crypto industry and the main credit that goes for this surging adoption is decentralized nature. Because of the decentralized properties, people have less fear to invest in crypto assets. But now decentralized nature of this crypto might get out from its features.
A new proposed bill “America Competes Act of 2022” will bring power in hands of the Treasury agency to seize or block any crypto transactions payment, associated with illegal activities like Money Laundering or any kind of scam.
This purposed drafted bill is causing a big hurdle among the players of the crypto industry. The majority of them are considering that the new proposed bill may bring a very big threat to the adoption of this industry.
The Executive of crypto think Tank coin, Jerry Brito, raised voiced against this proposed idealogy of the US government on Twitter.
According to Jerry, this purposed act power is overarching power in hands of the US treasury.
US control on centralized crypto platforms
Under this proposed idealogy, the US government can have only control over those crypto platforms and Companies which are giving centralized crypto offerings like centralized crypto exchanges, Tether-like companies.
Recently Tether announced the seizure of $150 million worth of USDT ( dollar-pegged stable coin). Tether stated that they are taking this decision on the order of the US government because these funds were associated with some illicit activities.
So here we can expect that there are many types of crypto blockchain networks available, which are under centralized programming but are not known publicly whether they are centralized or not.