• On March 23, a hearing was held in the US to question TikTok CEO Shou Chew about suspicions of Chinese government gathering user data.
• The RESTRICT Act, recently proposed in the US Senate, could be used to ban TikTok and may have implications for the crypto space.
• CryptoWendyO believes the bill is not about TikTok but rather a way to go after the crypto space itself.
Hearing Held to Question TikTok CEO
On March 23, a House Energy and Commerce Committee hearing was held in Washington D.C., where lawmakers questioned TikTok CEO Shou Chew over suspicions that the Chinese government is gathering user data through the app. This has led to speculation that a ban on TikTok may be imminent.
Implications of RESTRICT Act
The Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT) Act, recently introduced in the United States Senate, has similar precepts to those of International Emergency Economic Powers Act which prohibits U.S. citizens from transacting with sanctioned entities. Coin Center believes this act could have significant implications for the crypto space if it were enacted into law as it will give authorities blanket authority to ban anything linked with a foreign adversary.
Crypto Community Reacts
Many members of the crypto community are concerned about this potential ban as many use TikTok for accessing crypto-related content. Austin Federa from Solana Foundation warned that this rhetoric should worry everyone in crypto in America because it threatens freedom of speech protected by amendment one whilst YouTuber CryptoWendyO believes that banning Bitcoin, cryptocurrencies and non-fungible tokens (NFTs) is actually what politicians have their sights set on.
How Will This Affect Crypto?
It remains unclear how exactly this potential ban would affect cryptocurrency users and companies if it were enacted into law but what is certain is that its effects cannot be ignored considering its far reaching implications concerning freedom of speech online as well as transactions using cryptosanctioned entities. It will be interesting to see how this situation develops over time and whether or not any restrictions will be placed on cryptocurrency users or companies within America by such an act being passed into law or otherwise enforced by authorities.
Conclusion
Overall, while there remains uncertainty around how exactly this potential ban would affect cryptocurrency users and companies if put into effect , what’s clear is that its effects cannot be ignored given its potential impact on freedom of speech online as well as transactions using cryptosanctioned entities . It’ll be interesting to observe how things pan out going forward once more information becomes available on whether any restrictions will indeed be placed on cryptocurrency users or companies within America by such an act being passed into law or otherwise enforced by authorities .