Not just a TikTok ban - How the RESTRICT Act is a threat to crypto RESTRICTAct crypto cryptocurrency
- In early March, U.S. Senators Mark Warner and John Thune introduced the Restricting the Emergence of Security Threats that Risk Information and Communications Technology Act in the Senate as a response to the threats posed by the social media platform TikTok to the data security of U.S. citizens.
CionCenter likened the new Act to the International Emergency Economic Powers Act , which allowed the Treasury’s Office of Foreign Assets Control to prohibit U.S. citizens from transacting with sanctioned entities. CoinCenter cited the cryptocurrency mixer TornadoCash – which was sanctioned by the Treasury Department last August, effectively banning U.S. citizens from using the service – as a prime example of this concern.
Major concerns with the RESTRICT Act cited by CoinCenter include the fact that it doesn’t have a statutory carve-out for transactions dealing primarily in information and protected speech activities, it empowers the Secretary of Commerce to make prohibitions without the need for the President to first declare a national emergency, and it “exempts agency action pursuant to the Act from review under the most relevant sections of the Administrative Procedure Act.
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