The Plan to Prohibit Encryption in the US is a Threat to Cryptocurrency Survival
Women and children are being trafficked worldwide today. However, efforts to curb the menace have largely failed. Critical observations have followed the failure of agencies in the United States to solve the problem.
Reports have it that a counter measure is underway. That is, United States lawmakers and the Department of Justice under Attorney General William Barr, are considering the prohibition of cryptography.
Barr spoke out against end-to-end encryption during a Summit on Human Trafficking. He highlighted the human trafficker’s increasing dependence on digital communication and the internet, which is the proof that such perpetrators need to be detected and addressed.
He continued that digital proof is undergoing encryption. Barr noted that security features of military grades enable the perpetrators through closed networks.
Both Barr and Sen. Lindsey Graham want to deal with encryption via a draft bill entitled “Eliminating Abusive and Rampant Neglect of Interactive Technologies (or EARN IT) Act.”
The purpose of the bill is to prohibit child distasteful content on websites and social media groups. Despite the goodness of the bill, nevertheless, it requires government officials’ intrusion of people’s privacy. That is, individuals will not have the right to privacy when utilizing private messenger apps through WhatsApp or Apple devices.
Further, such privacy intrusions could be exploited and utilized for unethical activities by corrupt persons.
Thomas Lee from Fundstrat commented on it:
If true, would have some negative impact on crypto and digital assets which are grounded by cryptography https://t.co/Rze94Oo916
— Thomas Lee (@fundstrat) February 5, 2020
The fundamental notion of cryptocurrencies is to achieve decentralization via cryptography and distributed consensus. Notwithstanding, the planned bill seeks to increase centralized control over personal data and information transfer.