- People are calling out RESTRICT Act, saying that it will be used to ban Bitcoin and crypto in the US.
- RESTRICT Act is being pushed to ban TikTok in America, with backing from the Biden administration.
- The text says the Secretary of Commerce will be empowered to “identify” threats to the US’ “digital economy.”
Amid the ongoing push to ban social video hosting giant TikTok in America, people are calling out the possibility that it could have deeper implications for other industries, especially crypto.
The screenshot in the tweet above refers to the text in RESTRICT Act, one of the two bills that are being pushed into full legislation and implementation.
RESTRICT Act roughly aims to police transactions that happen between Americans and companies from countries that are perceived enemies of the US. The bill did not mention TikTok blatantly, but proponents are openly confessing that they will be using it to shut down the Chinese social media’s reach in the US should become a law.
However, as pointed out on pages 10 and 11 of the RESTRICT Act final text, the Secretary of Commerce will be empowered to ban anything that they deem a threat to the “digital economy” of the US.
The text said:
“The Secretary… is authorized to and shall take action to identify, deter, disrupt, prevent, prohibit, investigate… any risk arising from any covered transaction by any person, with respect to any property, subject to the jurisdiction of the United States that the Secretary determines—poses an undue or unacceptable risk of… catastrophic effects on the security or resilience of the critical infrastructure or digital economy of the United States.”
The above text is very broad; however, given the recent strict offensives of US regulators against US-based crypto firms, it would not come as a surprise if the US grabs control of crypto transactions — including Bitcoin — in the near future.
Read Also :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
