A new bill prepared under the leadership of California representative Sam Liccardo at the US House of Representatives aims to restrict public officials to support and offer crypto currency. The bill aims to prevent public officials and their families from making initiatives on crypto currency and other financial vehicles. This initiative is considered as an arrangement aimed at preventing abuse of public power for financial interests.
Effects on Breast Act and Crypto Money Market
The bill will be presented under the name of ACT, Modern Emolments and Malfeasance InfoCement (Breast). This arrangement is seen as a response to Melania Trump, former US President Donald Trump and his wife Melania Trump. Liccardo says that such crypto currency projects are advantageous for people who have knowledge from the inside, while victims of individual investors.
When the breast ACT enters into force, violations made by public officials will be subjected to both administrative and criminal sanctions. According to the law, authorized names will be prohibited from taking part in crypto money projects directly or indirectly. The regulation will be expanded to cover both the current and future government officials.
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However, this proposal is considered as intervention in financial freedom by some segments. There are criticisms that the restrictions to be imposed on the financial activities of public officials can harm the investment environment in the USA. In particular, it is thought that new initiatives and bloczincir -based projects may adversely affect the development.
Discussions on Crypto Money Arrangements
It is not yet clear when the breast ACT will be discussed in the Congress. However, due to the current political atmosphere, it is foreseen that the law can reach several years. Representative Liccardo emphasizes that the use of public power for personal interests should be prevented.
The US Securities and Stock Exchange Commission (SEC) continues to discuss about the authority of the crypto currency market. Hester Peirce, SEC’s crypto currency task force director, said that many crypto currencies could not be considered under the current laws. Peirce states that a different institution may be more appropriate to regulate digital assets.
This arrangement may bring restrictions not only to the crypto currencies offered to the market, but also to other financial assets owned by public officials. Landers who want to make the financial relations between the public and the private sector more transparent aims to prevent conflicts of interest with such measures. However, the draft has over -intervention by some segments and it is stated that it needs an impartial examination process.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
