Senate Renews Spying Law, Raises Concerns in Crypto World

Senate Renews Spying Law, Raises Concerns in Crypto World

EconomyLaw

By Jakub Lazurek

21 Apr 2024 (about 1 month ago)

2 min read

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Senate Renews Surveillance Law, Crypto Community on Edge: What It Means for Privacy and Regulation

The US Senate has approved the renewal of Section 702 of the Foreign Intelligence Surveillance Act (FISA), sparking debates among those who champion civil freedoms and the cryptocurrency sector.

This law enables the government to collect data from large tech firms like Google and Facebook without warrants.

The legislation passed with a vote of 60-34 and is awaiting President Joe Biden's signature to extend the surveillance powers for another two years.

This has caused unease in the cryptocurrency community, which prioritizes privacy and decentralization, due to the extensive reach of these powers.

Critics, including Senator Ron Wyden, argue that Section 702 could be misused to gather unnecessary data on American citizens.

Conversely, some lawmakers, such as Senator Elizabeth Warren, believe monitoring the crypto sector is necessary for regulatory oversight.

With the reauthorization of Section 702, crypto businesses might face heightened regulatory attention from agencies like the SEC, CFTC, and DOJ, ensuring they meet surveillance and data collection norms.

Despite the potential for misuse, there are instances of cooperation between crypto companies and law enforcement to address illegal activities.

For example, the CEO of Tether has worked with the FBI and the Secret Service on counter-terrorism financing.

As discussions about Section 702 continue, the crypto industry stands at a crucial juncture.

The law's renewal could challenge the principles of privacy and decentralization central to cryptocurrency, raising questions about government involvement in innovative technologies.

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