Home Bitcoin US legislature threatens crypto market with encryption ban bill

US legislature threatens crypto market with encryption ban bill

Towards providing solution to many criminal activities being facilitated online, the United States parliament is planning a US encryption ban bill. The bill is aimed at giving the government and relevant agencies a  platform to fight this menace after being subjected to scrutiny for not solving the issue.

However, lawmakers alongside the Department of Justice under Attorney General William Barr suggests placing an embargo on cryptography to solve the issue.

The Barrister at a summit in the US white house where human trafficking was discussed campaigned against end-to-end encryption. He detailed that military-grade security components are facilitating human trafficking through closed networks.

He said that now being the digital age, everyone including this criminals bank on the internet and technology to operate. However, evidence to be used against these criminals who operate online continues to get encrypted.

Reportedly, through “Eliminating Abusive and Rampant Neglect of Interactive Technologies (or EARN IT) Act,” draft bill, US lawmaker Lindsey Graham targets encryption.

Details of the US encryption ban bill

The proposed bill is targeted at placing an embargo on contents whose audience are kids on the Internet and social media. The bill requests that the government and relevant authorities can gain access to individual privacy for monitoring. Private messaging apps with end-to-end encryption feature will thereby forfeit their privacy rights. However, another source of concern is that after the government and authorities gain this access, it could be used by corrupt individuals.

The encryption ban also would be extended beyond individual data to cryptocurrency as information through blockchain network are discrete and anonymous.

Encryption hurdles and cryptocurrency

Thomas Lee, a financial analyst revealed in a tweet that encryption ban will have adverse effects on cryptocurrency and digital assets.

However, Edward Snowden, American whistleblower who copied and leaked highly classified information from the National Security Agency in 2013 when he was a Central Intelligence Agency employee and subcontractor revelation has awakened peoples’ consciousness to monitoring from the government and its authorities as crypto is about performing transactions through decentralized cryptography.

But on the other hand, the bill the parliament proposes is about centralized control as regards peoples information and transfer.

Muhaimin Olowoporoku
Muhaimin is a journalist and a crypto enthusiast. He believes in the Africa project and sees blockchain technology as a possible solution alongside developmental journalism


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