Proposed ‘Tiktok Ban Bill’ Raises Alarms Among Supporters of Technology and Cryptocurrency
Cryptocurrency and technology supporters have been discussing the RESTRICT Act, a new bipartisan bill introduced by Senator Mark Warner (D-VA), which has sparked controversy since its introduction in March. The act aims to regulate technologies tied to countries such as Russia, China, Venezuela, North Korea, Cuba, and Iran. Opponents of the bill believe that it could punish everyday Americans for using a virtual private network (VPN) and that it could be used to ban popular apps such as TikTok.
However, according to a spokesperson for Senator Warner, the legislation targets companies, not individual users. The RESTRICT Act includes penalties for individuals who engage in “sabotage or subversion” of American communications technology products and services, create “catastrophic effects” on US critical infrastructure, or interfere in federal elections.
Some supporters of cryptocurrency and technology remain concerned about the potential impact of the RESTRICT Act, including the possibility of it being used against cryptocurrency users. While the act’s primary purpose is to address national security concerns, it could have implications for the cryptocurrency space that cannot be ignored, according to the nonprofit organization Coin Center.
There are conflicting opinions on whether the RESTRICT Act will target individual users. Some reports claim that fears of individuals being jailed for using TikTok or VPNs are unfounded, as the act is aimed at companies that pose risks to national security. Despite the controversy, the bill continues to be a subject of debate among tech advocates and cryptocurrency supporters alike.