The USA has always been a land brimming with potential and opportunity. It is a place where people from all over the world gravitate to fulfill their dreams. Naturally, the country must work towards living up to this name. A great way to do that is to accommodate the world’s latest trends and technologies.
Read CRYPTONEWSLAND onFor instance, the people of America expect their leaders and government to grow and change with the times. When President Joe Biden came to office, citizens expect him to bring change for the better. This also includes the crypto community.
Biden promised new regulations for the crypto community and hinted it to be something that would help and cater to the industry. However, the crypto community is not satisfied with the new cryptocurrency surveillance provision that came with Biden’s infrastructure bill. The Electronic Frontier Foundation (EFF) went onto Twitter to tell us exactly why the new crypto provisions are an insult to the community and why crypto enthusiasts should be furious. In fact, it goes on to give us 6 solid reasons.
In detail, the first reason that the EFF highlights is the fact that the bill will make it a requirement to implement surveillance over everyday crypto users. The second reason is that it will force software creators to also implement pesky surveillance systems.
Moreover, it could even lead software creators to fully stop offering services in the USA. However, this only applies to software creators who do not hold cryptocurrencies for their users. The third is that the bill will create pools of private information about crypto users. This could inevitably attract malicious actors.
Next, the bill will create additional legal complexity when developing blockchain projects or verifying transactions in the USA. This will likely lead to innovative companies migrating overseas. Above all, the bill will make it close to impossible for miners and developers to comply with the new reporting necessities.
Finally, the bill creates uncertainty when it comes to the ability to conduct crypto transactions directly with others over open-source code. For instance, it will affect transactions made through smart contracts and decentralized exchanges (DEXs).
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