"Does this mean that this is one of the hidden agendas to bring down crypto?"
The implementation of the controversial bill to ban the social media application TikTok can not only block crypto but also the citizens of the United States (US) do not have access to open source protocols such as Bitcoin (BTC).
This is because the Department of Commerce will have the power to regulate technology products in countries that have bad relations with the US.
Explained further, the department is required to investigate and prevent the use of technology involving enemy interests and that would completely prevent US citizens from accessing the entire technology.
The following new law is the currency of the Office of Foreign Assets Control (OFAC) regime that restricts US citizens from doing business with foreign powers.
It is understood that OFAC came under scrutiny last August after adding Tornado Cash's smart contract to the list of permitted entities, but it could still be a violation of the First Amendment.
As a result of the ever-aggressive legal action against the crypto market, digital assets are likely to be affected and able to push new sectors to emerge overseas.
Among the situations that can be exemplified is when the US Securities and Exchange Commission (SEC) acted to impose a $30 million fine on crypto exchange company Kraken following failure to register their staking service as a security.
While regulators including the Department of Treasury forced Signature Bank, which is the most crypto-supporting bank in the US to close its operations, the bank's board member Barney Frank thinks they are deliberately trying to collapse the crypto market.
