United States: A new bill on cryptos to avoid a Canada bis scenario

There are so many lessons to be learned from the Freedom Convoy 2022 protests in Canada. Starting with the repressive measures taken by the local government against antivax truckers. An American Republican legislator made it the basis of a reflection to propose a bill aimed at avoiding a repetition of the Canadian misadventure.

Trudeau vs truckers, who came out on top?

Prior to the Russian-Ukrainian war, headlines focused on protests by Canadian truckers unhappy with anti-Covid-19 measures blocking Ottawa streets and borders. Every day, Cointribune reported news about the outcome of the situation.

We have reported at times that the Trudeau government has drawn the hatchet against protesters backed by sympathizers who got their hands on their crypto wallets. He did not hesitate to use repressive methods such as freezing bank accounts and crypto accounts to stem the movement.

Results: the organizers of the demonstration are put down, and the international trade with.

So that the United States does not repeat the same mistakes

In any case, many pro-crypto American politicians will not hesitate to thank Trudeau for alerting them to the potential for draconian crypto wallet privacy measures. Moreover, a wise Republican legislator has chosen to present a bill encouraging the American government to act appropriately in the future, in the event that a similar situation arises in the United States.

Justin Trudeau’s invocation of emergency powers has also reignited debates around the role of cryptocurrency in civil disobedience and illegal activity.

We will take as an example the last words of Alex Gladsein, of the Human Rights Foundation (HFR) endorsing the funding in crypto of civil liberties lobbyists who castigate dictatorial regimes. But he recognizes at the same time that digital assets are capable of emboldening illegal actors.

A war against the anonymization of cryptocurrencies?

A report published by Chainalysis highlighted a 79% increase in crypto-related crime in 2021. Hence the concern of some governments over the resurgence of cryptographic crime, especially in decentralized finance (DeFi) .

Knowing that decentralized financial services rule out any presence of intermediaries and do not like traditional payment methods. This in favor of a piece of code called ” smart contractaimed at performing financial functions like borrowing, lending, and growing investments.

There was a time when the same Gladstein of HRF praised the benefits of cryptocurrency. In 2018, for example, he took on the case of Venezuelans, victims of an oppressive regime, and later speculated that unchecked authoritarianism could erode a people’s security and financial independence. However, you should know that more than half of the world’s population still lives under the yoke of a dictatorial regime.

In the columns ofTime, Gladstein pointed out that the Maduro regime takes up to 56% of funds from abroad and has not been shy about addressing laws requiring banks to disclose information about a customer’s account movements. As a solution, Venezuelans are demanding that fiat remittances go through Colombia, an approach fraught with risk apparently.

On the side of China, President Xi Jingping himself has at his fingertips a whole arsenal allowing the surveillance of cryptographic transactions in his country. Alipay and WePay are among them.

Thus, there is reason to believe that cryptocurrencies constitute a kind of lifeline for the less fortunate and the vulnerable.

Freedom, on the verge of extinction?

Republicans are aware of this ability of cryptocurrencies to promote civil liberty. Senator Ted Cruz, of Texas, believes that:

There’s a reason these petty bosses around the world hate bitcoin and cryptocurrencies: they can’t control them.»

An idea supported by Tom Emmer, of Minnesota:

This is the strategy of the Chinese Communist Party. It’s really disturbing that it has arrived in the western hemisphere… When your central government can control your movements, your speech, everything related to your freedom? It is not freedom. And that’s really what’s at stake.»

Even the former President of the United States, Donald Trump, sees Trudeau’s approach as a “leftist fascist“.

Republican interest in cryptocurrencies is steadily growing. One reason is that these politicians have been wary of big institutions since the Trump era. It is therefore expected that laws relating to crypto assets will be passed in the near future.

Source: BeInCrypto

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Mikaia Andriamahazoarimanana

The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it.

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United States: A new bill on cryptos to avoid a Canada bis scenario

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