A New Danger Awaits Bitcoin in the USA: Crypto Group Claims About Draft Law!

Cryptocurrency an advocacy group Coin Center According to a report by RESTRICT law, potentially bitcoin can be used to prohibit transactions.

Can Bitcoin Be Banned From The US With New Law: Claim From Crypto Group

The law establishes a parallel sanctions regime led by the Secretary of Commerce alongside the Office of Foreign Assets Control (OFAC) regime, led by the Secretary of the Treasury.

Coin Center said it does not object that OFAC’s powers under the International Emergency Economic Powers Act (IEEPA) are used to block transactions with real foreign competitors.

But the report raises concerns that the overly broad interpretation of these powers could be used to ban Americans from using all classes of technology like Bitcoin.

Coin Center argues that a broad and discretionary power to ban and block all forms of information technology should not be exercised without the opportunity for appropriate oversight and scrutiny.

The RESTRICT Act is known as a bipartisan bill introduced in the Senate on March 7, 2023 by Senator Mark Warner and other members.

The bill aims to tackle national security threats from foreign technology products and services, particularly from foreign rivals of the United States such as China.

The bill would authorize the U.S. Secretary of Commerce to review and ban certain transactions and assets involving information and communications technology (ICT) that, according to the statements in the bill, pose an excessive or unacceptable risk to the national security of the United States.

*Not investment advice.