The proposal is included in the “Restricting Emergence of Security Threats that Risk Information and Communications Technology Act,” which is better known as Statute of Limitationsand forwarded to the United States Congress, alarming privacy advocates and users of digital technology, including those in crypto.
Restrictive Laws Are a Threat to Crypto
When the proposed bill works give the United States government is stronger in forcing the sale of foreign-owned applications to United States companies, provisions in the law could also see Americans face up to 20 years in prison and a $250,000 fine for accessing “prohibited applications” using a Virtual Private Network (VPN) .
Most people are not ready for this, not even anon.
New S686 invoice:
“Minimum sentence of 20 years + $250,000 fine” for using VPN to access “prohibited apps” https://t.co/U9zdn2guCy
— BowTiedMara (@BowTiedMara) March 28, 2023
The implications of this provision for the cryptocurrency industry could be huge. As digital assets become increasingly popular for making payments and storing value, the ability of governments to monitor and control access to digital payment apps and wallets could undermine crypto, possibly affecting the price of Bitcoin..
The bill does not clearly define what constitutes a “prohibited application.” However, it can be a cold brush, including cold wallets and cryptocurrency-related services. The legislation would give the United States government sweeping powers to crack down on any technology and service it deems a threat to national security, including VPNs.
How the government will distinguish between individual users and those involved in criminal activity is unclear.
Undermining Privacy?
Privacy advocates have warned that the RESTRICT Act could eliminate all forms of digital privacy in the United States, with significant implications for individual liberties and civil liberties.
If passed, the bill would also give the government absolute power over any technology and service it deems a threat, which includes decentralized technology.
With the recent crisis in the United States banking sector, the bill could present a challenge to crypto, which relies on digital privacy and anonymity to function effectively.
A user pointed out that more than 400 Representatives voted for the bill, approving a $250,000 fine for using a VPN to access content from countries such as China, Hong Kong, Cuba, South Korea, and Russia, or countries with “long-term.” a pattern or example of serious harm to the United States.”
AOC one of the 7 no votes on the RESTRICT Act (S. 686) is the most based and important vote he has yet.
$250,000 fine for using VPN to access content. 400+ Reps you choose.
– cory.eth (@cory_eth) March 27, 2023
In order to maintain the United States market, the Chief Executive Officer of TikTok, Shou Zi Chew, witness before the House Energy and Commerce Committee in a five-hour hearing.
Meanwhile, the United States Commodity Futures Exchange Commission (CFTC) sued Changpeng Zhao and Binance, an international exchange, for violating trading laws and allowing citizens to use the platform.
Feature Images From Canva, Charts From TradingView