Rep. Ted Budd Amendment Would Eliminate Anti-Crypto Provision in COMPETES Act

Washington, D.C. – Today, Rep. Ted Budd (R-NC) has proposed an amendment to the America COMPETES Act that would eliminate a provision that gives the Treasury Department unilateral power to prohibit any financial transactions it considers a “concern” without a formal rulemaking process or limitations.

Legislative text of the amendment is here

Rep. Budd said in a statement:

“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.”

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