A new Congress bill wants to add backdoors to all of your data in the latest anti-privacy bill as we are about to read more in the following cryptocurrency news.
The new Congress bill wants to give the authorities total access to user data and projects such as Monero and Bitcoin are trying to protect against this overreach. The US regulators announced the LAED, the new anti-privacy bill similar to the EARN IT act previously brought. The bill will require companies to assist the government in decrypting private data but it’s not clear whether the bill will be actually put into law or how big of an effect will it have on blockchain projects.
Despite the anti-privacy implications of the bill of the passed into law, assets such as Monero and Bitcoin will continue protecting its users. The lawmakers introduced the Lawful Access to Encrypted Act which is a bill that could give the government almost total access to user data. LAED will give the government backdoor access to encrypted data by reducing the privacy of the users in the US. The new bills have a bigger scope than EARN IT because it only affected online services and will affect virtually digital devices with storage bigger than 1GB from computers and smartphones.
LAED will require all companies responsible for products and services to provide all technical assistance when trying to decrypt the data in question. For the online data, this rule will apply to the captured data while for the stored data, companies will provide assistance with the obtained data from court orders. If the new bill is passed, the consequences will be far-reaching and tech companies will be obliged to provide information as well. Companies can resist the bill only if they prove compliance is impossible. For example, the encryption provided by a third-party means that the company doesn’t need to cooperate.
It seems that every open-source project including Bitcoin will not be allowed to operate under LAED. With no way to go around its cryptography and no single entity can be held accountable because BTC cannot comply with LAED. The same goes for Zcash and Monero. The qualities mean that it will be hard for governments to shut down bitcoin while LAED could encourage new blockchain startups to go away from the United States which is still in progress because of the unregulated regulations and securities laws.
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