Cryptocurrency and technology proponents have recently been discussing a new bipartisan bill called the “Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT)” Act. In addition to targeting firms such as Kaspersky, Huawei, and Tiktok, opponents of the bill believe one of its provisions will punish ordinary Americans for leveraging a virtual private network (VPN). However, a spokesperson for Democratic senator Mark Warner insists the “legislation is aimed squarely at companies” and “not at individual users.”
Concerns Over the RESTRICT Act’s Potential Impact on Cryptocurrency and VPN Use
Since the bill was introduced in March, the RESTRICT Act, sponsored by over a dozen bipartisan politicians and initiated by senator Mark Warner (D-VA), has been the center of controversy. A great deal of attention has been focused on the bill targeting Tiktok, and several reports say the legislation could be used to ban the app in the United States. The act would give the U.S. president and secretary of commerce the ability to regulate technologies that can be tied 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 discussing its implications on forums and social media.
One particular provision in Warner’s RESTRICT Act has caused many people to believe that Americans could be jailed for using a virtual private network (VPN). The bill notes that there are strict penalties, including a 20-year sentence, for using “communications technology products and services” with applications or web portals associated with “foreign adversaries.” While some have said that the RESTRICT Act could ban Tiktok and target Americans for using a VPN with websites tied 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 stated:
The RESTRICT Act is the American Great Firewall. Become China in the name of beating China.
Former politician and government critic Ron Paul said in a recent broadcast that the “RESTRICT Act is the Patriot Act on steroids.” Another former member of the U.S. Congress, Justin Amash, stressed on Twitter that the “RESTRICT Act isn’t about banning TikTok; it’s about controlling you. It gives broad powers to the executive branch, with few checks, and will be abused in…
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