The Electronic Frontier Foundation (EFF), a privacy-oriented NGO, has censured President Biden’s new infrastructure bill.
In a Twitter Thread, EFF highlighted six fundamental reasons why the bill would do major harm to American crypto industry. The EEF claims it will increase the government’s ability to surveil everyday crypto users.
Start with first; EFF claims the bill will require new surveillance of everyday users of cryptocurrency. That all required comes in the face of the organization’s commitment to digital privacy.
The bill could force software creators and others who do not custody cryptocurrency for their users to “implement cumbersome surveillance systems or stop offering services in the United States”. The EFF adds, would confuse the legal landscape for crypto projects. The EFF argued that the bill could make user information more accessible for exploitation on the part of malicious actors.
Further, the EFF claimed that miners and developers could not possibly comply with this bill. Smart contracts and decentralized exchanges would suffer because the bill generates uncertainty about cryptocurrency transactions.
U.S. Senator Warren has aimed at the crypto industry recently. She claimed that it needs “rules of the road” for the sake of protecting small investors.
“I don’t want to wait until a whole lot of people, a whole lot of small investors, a whole lot of small traders have been completely wiped out,” Warren said last week.
