Cryptocurrency and technology advocates have recently been discussing a new bipartisan bill called the “Restraining the Emergence of Security Threats that Compromise Information and Communications Technology (RESTRICT) Act.” In addition to targeting companies like Kaspersky, Huawei and Tiktok, opponents of the bill believe that one of its provisions will punish ordinary Americans for taking advantage of a virtual private network (VPN). However, a spokesman for Democratic Senator Mark Warner insists that “the legislation is aimed directly at companies” and “not at individual users.”
Concerns about the potential impact of the RESTRICT Act on the use of cryptocurrencies and VPNs
Since the bill was introduced in March, the RESTRICT Act, sponsored by more than a dozen bipartisan politicians and initiated by Sen. Mark Warner (D-VA), has been at the center of controversy. A lot of attention has been focused on the bill targeting Tiktok, and various reports they say the legislation could be used to ban the app in the United States. The law would give the US president and commerce secretary the ability to regulate technologies that can be linked to nations such as Russia, China, Venezuela, North Korea, Cuba and Iran. Tech advocates and cryptocurrency supporters are concerned about the bill and have been what is discussed its implications in forums and social networks.
A particular provision of Warner’s RESTRICT Act has caused many people to believe that Americans could be jailed for using a virtual private network (VPN). He bill notes that there are strict penalties, including a 20-year sentence, for using “communications technology products and services” with apps or web portals associated with “foreign adversaries.” While some have said the RESTRICT Act could ban TikTok and target Americans for using a VPN with websites linked to foreign adversaries, others have gone as far as to say that the bill could be used to ban bitcoin. Venture capitalist and angel investor Balaji Srinivasan fixed:
The RESTRICT Act is America’s Great Firewall. Become China in the name of beating China.
Former politician and government critic Ron Paul saying on a recent broadcast that the “RESTRICT Act is the Patriot Act on steroids.” Another former member of the United States Congress, Justin Amash, stressed on Twitter that the “RESTRICT Act is not about banning TikTok; it’s about controlling you. It gives broad powers to the executive branch, with few checks, and it will be abused in every way you can imagine.” The non-profit organization focused on the policy issues facing cryptocurrencies, Coin Center, also published a blog post on the subject, noting that it could be used against cryptocurrency users.
“The RESTRICT Act creates a general authority, with few checks, to prohibit almost anything involving a ‘foreign adversary,’” Coin Center explains in the editorial. “An overly broad attempt to ban cryptocurrency using these new powers would be open to court challenge, but the law has worryingly narrow avenues for review.” Coin Center concludes that “while the primary purpose of the law is to address national security concerns, its potential implications for the cryptocurrency space cannot be ignored.”
Conflicting views on whether the RESTRICT Act will target individual users
Despite the complaints, a report published by Daily Dot states that “you won’t be jailed for 20 years if you use TikTok after it’s banned, despite internet scaremongering.” The report’s author, David Covucci, calls the warnings on social media and forums “nonsensical rumor.” Covucci notes that the use of the term “virtual private network” or VPN is not mentioned in the bill, and the reporter also obtained a statement from Senator Warner’s office.
“Under the terms of the bill, someone must engage in the ‘sabotage or subversion’ of American communications technology products and services, creating ‘catastrophic effects’ on critical US infrastructure or ‘interfering with or altering the result’ of a federal election. , to be eligible for any type of criminal sanction,” a Warner spokesperson told Covucci. “To be extremely clear, this legislation is directly aimed at companies like Kaspersky, Huawei and Tiktok that create systemic risks to the national security of the United States, not individual users,” the politician’s spokesman concluded.
What do you think about the RESTRICT Law and its possible impact on technology, cryptocurrencies and individual liberties? Share your thoughts in the comments below.
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