A bipartisan group of senators introduced a bill earlier this month that seeks to bolster the federal government’s powers in fighting perceived foreign technology threats. And some in the digital assets industry are warning it could possibly spell disaster for crypto.

The bill entitled the RESTRICT Act—which stands for Restricting the Emergence of Security Threats that Risk Information and Communications Technology—has garnered the support of 21 lawmakers who’ve co-sponsored the bill as well as the White House, which has urged Congress “to act quickly to send it to the president’s desk.”

In the name of protecting America’s national security, the bill calls on the Secretary of Commerce “to identify, deter, disrupt, prevent, prohibit, and mitigate transactions involving information and communications technology products in which any foreign adversary has any interest” by establishing new procedures.

Its introduction preceded a congressional hearing on Tik-Tok last week, where officials grilled the social media application’s CEO with questions about the firm’s ties to China.

But the bill’s language is so broad that it could be used to prevent Americans from conducting cryptocurrency transactions or engaging with networks like Bitcoin entirely, according to a blog post from the cryptocurrency advocacy group Coin Center. 

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Author: André Beganski

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