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America COMPETES Act passes House without ‘disastrous’ provision on crypto -Breaking

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A piece of legislation aimed at addressing supply chain issues to keep the U.S. economy and businesses competitive has passed the House of Representatives — without a provision many in the crypto space had criticized for giving the Treasury Secretary authority to shut down exchanges.

The America COMPETES Act was passed by the House of Representatives in a vote of 222 to 210 on Friday. It was largely voted for along party lines. Jim Himes, a Connecticut representative originally suggested that the Treasury Secretary could have less restrictions on the surveillance of financial institutions suspected to be involved in money laundering transactions. The matter would also have been open to public feedback. To protect the Bank Secrecy Act restrictions, however, legislators modified this wording last week.