HomeNewsBitcoin and Ripple (XRP) in Crosshairs: US Greenlights 702 Surveillance Bill

Bitcoin and Ripple (XRP) in Crosshairs: US Greenlights 702 Surveillance Bill

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  • US Senate reauthorizes Section 702 of FISA, allowing extensive government data collection without a warrant.
  • Civil liberties and crypto communities express concerns over potential misuse of surveillance powers under Section 702.

U.S. Senator Ron Wyden, representing Oregon, recently voiced his opposition after voting against the two-year reauthorization of Foreign Intelligence Surveillance Act (FISA). This section allows for warrantless surveillance by the government.

Senator Wyden criticized the process, stating that the Senate expedited the renewal of this legislation late at night, disregarding the opportunity for necessary reforms. He pointed out that despite the availability of sensible amendments, there was a reluctance among senators to send the bill back to the House for reconsideration.

Wyden also noted that despite previous minor amendments intended to prevent abuses of this surveillance authority, new violations continue to be reported. He emphasized the lack of effective oversight as a recurring problem. 

Asserting that maintaining liberty and ensuring security are compatible goals, Wyden acknowledged that significant efforts are still needed to achieve this balance without compromising the civil liberties of American citizens.

This legislation, originally established as a counterterrorism measure, was passed with a vote of 60-34 and is now awaiting President Joe Biden’s signature to extend it for another two years.

Read more: Massachusetts Senate race heats up: pro-XRP attorney Deaton considers challenging Warren

Concerns Over Privacy and Surveillance

The decision has raised concerns, particularly within the civil liberties and cryptocurrency communities. Section 702 grants the government the ability to gather vast amounts of data, which has alarmed those who advocate for privacy rights. Critics, including some senators and civil liberties groups, argue that the powers provided under Section 702 could be misused, leading to unwarranted surveillance of US citizens.

Implications for the Cryptocurrency Industry

The crypto industry, which values decentralization and anonymity, finds itself particularly at risk from the extended surveillance capabilities. The industry fears that these powers could infringe on the privacy that is foundational to the operations of crypto-related businesses, especially decentralized platforms.

Regulatory Impact on Cryptocurrency

With the renewal of Section 702, there is an anticipated increase in regulatory oversight for the cryptocurrency sector. Agencies like the SEC, the Department of Justice and the CFTC, may intensify their scrutiny of crypto businesses to ensure they comply with the surveillance and data collection standards.

Also read: US Senators Demand Answers on CFTC’s Oversight of FTX Founder Sam Bankman-Fried

Senate Opinions and Cryptocurrency Collaboration

The Senate remains divided on the issue. While some members advocate for increased surveillance within the cryptocurrency sector to combat illegal activities, others are wary of the potential overreach affecting privacy and civil liberties. 

Meanwhile, instances of cooperation between cryptocurrency companies and law enforcement, such as Tether’s collaboration with the FBI and Secret Service to thwart terror financing, highlight the nuanced relationship between regulatory authorities and the crypto industry.

The reauthorization of Section 702 marks a moment in the ongoing balance between national security interests and the preservation of privacy rights, particularly as it impacts the burgeoning crypto market.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628