House Bill Could Let Treasury Secretary Block International Crypto Transactions

House Bill Could Let Treasury Secretary Block International Crypto Transactions
The crypto industry is sounding the alarm at the possibility that the U.S. will be empowering the Treasury Department to make arbitrary decisions about whether to allow financial transactions – including cryptocurrency transactions across borders.A provision in the America COMPETES Act, a bill introduced to the U.S. House of Representatives earlier this week, would allow the Treasury Secretary to block or “impose conditions” on transactions, should the official find that the transaction or the accounts involved are engaged in money laundering.The overall bill is aimed at spurring economic competitiveness with China.Industry think tank Coin Center warned in a blog post…