Thursday, June 6, 2024

"New law grants US president power to block digital asset access"


From CoinTelegraph, June 6:

A new U.S. law grants the president unprecedented authority to block access to digital assets, sparking significant concerns about its broad implications and potential impact on users. 

A new law grants the United States president sweeping powers to block access to digital assets, drawing significant concern from commentators on X.

Scott Johnsson, a prominent voice in the digital assets field, criticized the law for its broad scope on June 6, stating:

“It’s hard to see how this isn’t intended to be a user-level ban power by the President on any protocol/smart contract that’s deemed by the Treasury Secretary to be “controlled, operated or [made] available” by a foreign sanctions violator. Breathtaking scope and implications to corral users to KYC/permissioned chains.”
Senator Warner’s legislative maneuver 
An X user posted Senator Mark Warner’s apparent strategic insertion of legislative elements on June 5, enabling the scrutinized new sweeping powers granted to the U.S. president over digital assets....

Brandon from Delaware, meet Justin from Canada.