For the narratives driving a quantity of this legislation, universal concerns in Congress referring to the potential for cryptocurrency use by misusers seems to possess been a primary concern in 2019. The bills cover the utilization of cryptocurrency by terrorists, money launderers and human and sex traffickers.
Additionally, one bill addresses how foreign adversaries, like Venezuela, look to avoid economic sanctions by creating their own cryptocurrency.
Takes a unique approach than that specialize in how cryptocurrency operation could be utilized by criminals, and instead elevates crypto exchanges to an equivalent level of importance as financial institutions on the geopolitical stage. Three of the bills specialize in ways to empower bank examiners and regulatory agencies use blockchain, AI, and digital identity technologies to assist detect criminal activities involving cryptocurrencies.
One bill called the ‘Defending American Security From Kremlin Aggression Act’ introduced by Senator Lindsey Graham (R-SC), actually looks ‘… to promote international efforts to guard financial institutions and cryptocurrency exchanges from cyber theft.’ This
Senator Lindsey Graham also introduced the EARN IT Act, that has provoked an excellent deal of concern regarding the longer term of end-to-end encryption also as legal immunities that have protected internet platforms within the past.
Companies like Amazon AMZN, and Google GOOGL are ready to flourish to the dimensions they're today because of Section 230 of the Communications Decency Act. It seems Senator Graham et al.
Now believe that Vast Tech has grown so powerful and influential, this immunity must be weakened for public policy concerns; however, for blockchain platforms in their nascent growth stages, eliminating this idea would prove a deterrent for the world.