A Call To ALL U.S Citizens!!

So as many of you have heard the "America Competes Act" can potentially be problematic for crypto in the U.S. This proposition will allow a sole individual to ban exchanges and other financial institutions from engaging in cryptocurrency transactions. The individual that could potentially hold these unchecked powers is none other than the U.S. Secretary of the Treasury Janet Yellen. The very individual who has be opposed of the crypto market since her confirmation, this is also the same individual who had the brilliant idea to look into bank accounts for possible tax evasion.

It doesn't just stop there, this would allow Yellen to employ what is called the " Bank Secrecy Act" to require certain financial institutions to report information around transactions potentially connected to money laundering, as well as prohibit them from serving account holders with such alleged ties to illicit funds. While the act isn’t something new it would go against the essence of what Defi stands for. While on paper this can be limited to those are under suspicion of money laundering and illicit fund activity we all know how quick this can be used to cover more users and account holders. This can be dangerous considering Yellen would have unilateral power over this sector.

Crypto means something different to every individual in communities like r/ethereum to some a hedge against the current inflation, a means to increase personal wealth, monetary freedom and anonymity, whatever the reason is we are all in this together.

This post is not to spread FUD or to get people to sell in order to give me a better buying opportunity. I have been in the space and can navigate it according to what my goals are. This post is a mere source of information to allow U.S holders to call the respective representatives and let their voices be heard.

If you're are fortunate enough to have a representative to actually consider its constituents views call them!

If you are like me and reside in California you know calling your representatives regarding topics like crypto is like talking to a brick wall, but we must insists our views are represented fairly on what we want. Hammer their phones and emails people!

Thank you for reading, I look forward to discussing this!

sources:

Just cents

https://justcentscrypto.com/crypto-policy-advocacy-group-warns-of-disastrous-provision-in-a-new-us-bill/

crypto now

https://cryptoonow.com/new-act-could-let-treasury-secretly-ban-crypto-transactions/

Tried posting this on r/CryptoCurrency but not enough karma lol