(The Herald Post) – A bill known as the Restriction Act is seeking to empower the United States government to combat technology classified as a threat, including popular platforms like TikTok and cryptocurrencies such as Bitcoin.
Key players in the crypto ecosystem have expressed concern over the potential implications of this legislation on the world of digital currencies.
The Restriction Act and its Purpose:
The primary goal of the Restriction Act is to address national security concerns, particularly regarding information and communications technology products with foreign adversaries’ involvement.
Coincenter, a non-profit organization focused on research and advocacy for Bitcoin technology, has highlighted that “while the main purpose of the Act is to address national security concerns, its potential implications for the cryptocurrency space cannot be ignored.”
Bipartisan Support and Progress:
The bill, which is currently under discussion in Congress, has been moving forward smoothly, enjoying strong bipartisan support (11 Democrats and 11 Republicans from the House of Representatives). If passed, the legislation would authorize the White House, through the Department of Commerce, to review, identify, deter, disrupt, prevent, and mitigate the emergence of security threats.
Impact on TikTok and Bitcoin:
Many have turned their attention to the Chinese-owned social media platform, TikTok, which has already been banned on official US devices and faces close scrutiny from Congress amid suspicions that user data may be accessible to the Chinese government. Some lawmakers advocate for a total ban on TikTok, while Bitcoin community members argue that the US government does not need a 55-page law to contain a threat. Twitter user Nachokeys21 claims, “This is anti-Bitcoin legislation.”