Republican lawmakers are digesting Treasury Department recommendations that would give them more tools to tighten their grip on the cryptocurrency industry.
Rep. Tom Emmer, a member of the House Financial Services Committee, accused the agency of having a messiah complex when asked about the plan at the Blockchain Association Policy Summit on Thursday.
“I’ve always had this attitude: Beware of the self-proclaimed savior who comes on a white horse and says I’m here to protect you,” Emma said.
The Treasury Department sent lawmakers this week recommendations on new sanctions and strengthening its authority on dollar-backed stablecoins. Deputy Minister Worley Adeyemo said “dollar-backed stablecoin providers” outside the United States should not be able to use U.S. currency without putting in place procedures to block terrorists from using their platforms.
“We are increasingly concerned about things like dollar-backed stablecoins that are not based here in the United States but give people the privilege and ability to spend dollars outside of our jurisdiction,” Adeyemo said during a fireside chat Wednesday. Blockchain Association Policy Summit.
pushback
Emmer rejected Adeyemo’s recommendation and pointed out that the Treasury had not yet responded to his and others’ letters. member of Congress We sent a message asking what role cryptocurrencies played in financing Hamas. The agency did not immediately respond to a request for comment.
“Tell me first what the problem is,” Emmer said Thursday.
“They want to swallow all of this under the surveillance security state they have created. We cannot allow that to happen. This is Congress’s power, not his,” Emmer continued.
Sen. Cynthia Lummis (R-Wyo.), a member of the Senate Banking Committee, took a more cautious approach when asked during a panel discussion about the Treasury Department’s proposal at the Blockchain Policy Summit on Thursday.
“We will look into specifically what they recommend in terms of mixers and tumblers to see if that is an area we can discuss with the Treasury,” Lummis said.
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