An executive order banning Venezuela’s petro cryptocurrency, signed by U.S. President Donald Trump, could be voted into law as soon as Monday, setting a potentially dangerous precedent for other cryptocurrencies.
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Senate bill 1025, which could be approved as soon as Monday, will essentially make law an executive order signed by U.S. president Donald Trump last year that banned U.S. citizens, permanent residents and organizations from buying, holding, trading or spending petro, the cryptocurrency created by the Venezuelan government and purportedly backed by the nation’s vast oil reserves.was presented by Trump as a way for users to “circumvent U.S.
“The implications for this are huge because it could be bitcoin or some other cryptocurrency inserted into this language,” says Brett, who after leaving Booz Allen joined ethereum startup ConsenSys as policy head and now runs Value Tech. “We’re talking about a road map for how to ban a particular cryptocurrency.”
Within 180 days from the time that happens, the bill requires that the U.S. secretary of state and secretary of the treasury both brief the relevant congressional committees on the best course of action.
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