The “Competes” Act Is Less Serious For Crypto Than What Some People Are Making It Out To Be

Honestly, it’s baffling to see some news articles that are posting that the United States treasury has the capability to prohibit any sort of Cryptocurrency transaction or freeze Crypto wallet accounts. It is simply impossible for the U.S Treasury to yield that kind of control over any Cryptocurrency.

What Can They Do?

The most they can do is provide legal notice to a bank or Cryptocurrency exchange (Based in the U.S) to freeze your assets, if they think you are involved in illegal activities such as money laundering, scamming or ransomware attacks. The government cannot do jackshit if you have your Crypto in a decentralized wallet.

Moreover, there are around 27 million Americans or 8.3% of the population who own Cryptocurrencies. It is just unfeasible for the government to individually target all of their bank accounts or assets if they are going for Crypto as a whole, which is barely mentioned in the provision.

The Prohibition Does Not Target Crypto

The main prohibition is more likely to be focused on Banks rather than Cryptocurrencies as Criminal transactions are only 0.15% of all Crypto transactions. The Feds aren’t dumb, they know this.

They’re already spying on you

For the apparent clause that allows spying, the U.S government has been spying on you for as long as you’ve been existing and this bill is going to be very insignificant in that regard. Moreover, anyone can “spy” on you already through blockchain explorers, but the thing that matters is, they don’t know who is behind each wallet.