The new policy seeks to broaden the powers of the US President. It grants him the authority to block access to digital assets.
US Crypto Law Raises Privacy and Ownership Concerns
Under the proposed law, the US President can block digital asset transactions between US residents and foreign individuals deemed to be affiliated with terrorism. The new law has sparked concerns amongst digital asset enthusiasts. And experts in the US. The law, led by Senator Mark Warner, potentially forces crypto users into regulated blockchains.
Several crypto experts have voiced their criticism of the proposed law. Scott Johnsson, a digital asset enthusiast, claimed the law could block crypto users from using smart contracts or DeFi protocols. Johnsson believes this move could also deprive users of autonomy and decentralization.
Source:
Implications of the Law
Furthermore, the law has implications for the entire crypto market. First, it gives a broad definition of digital assets. It describes them as digital representations of value on a blockchain. Most crypto experts believe the proposed law will stifle innovation in the US.
Crypto users have long sought clear policies in the US for compliance. However, industry leaders believe striking a balance between regulation and innovation is important for the industry’s future. Many look forward to how this law will impact the industry.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
