Crypto policy advocacy group warns of ‘disastrous’ provision in a new

Jerry Brito, the executive director of non-profit crypto policy advocate group Coin Center, suggested U.S. residents call their elected officials over possible privacy and due process concerns in a new bill proposed by House leaders.

According to a Wednesday Twitter (NYSE:) thread from Brito, the America COMPETES Act recently released by House members contains a provision that he said would be “disastrous” for crypto users from both a privacy and a due process standpoint. According to the Coin Center director, a section of the bill on the “prohibitions or conditions on certain transmittals of funds” proposed by Representative Jim Himes would give the U.S. Secretary of the Treasury “unchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transactions.”