• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, June 25, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Bitcoin

Restrict Act could be used to ban Bitcoin and other cryptocurrencies in the US

by Reshab Agarwal
March 30, 2023
in Bitcoin, Crypto, Crypto Regulation, News
Reading Time: 2 mins read
0
Bitcoin in a file photo

Credits: indianexpress.com

TwitterWhatsappLinkedin

Coin Center, a non-profit advocacy group for digital currencies, has warned that the proposed Restricting Excessive Speculation and Tokenization Act RESTRICT could be used to ban Bitcoin and other cryptocurrencies in the United States.

You might also like

Japan is Reimagining It’s Crypto Landscape : Gateway for Bitcoin ETFs and Tax Relief

Bitcoin Power Play by Metaplanet: Closing the Gap with Tesla

Crypto at Card Swipe: Chainlink & Mastercard Open On Chain Door for 3 Billion Users

Concerns raised by Coin Center over the bill’s language

The Restrict Act was introduced in the House of Representatives in February 2023 with the aim of preventing market manipulation and excessive speculation in digital assets. It would grant the Commodity Futures Trading Commission (CFTC) greater regulatory powers over the cryptocurrency market, including the ability to limit the trading and force the delisting of certain tokens.

However, Coin Center argues that the wording of the bill is overly broad and could be interpreted to ban all cryptocurrencies, not just those that are subject to market manipulation. The organization pointed to a provision that defines “digital asset” as any digital representation of value, regardless of whether it is a security or a commodity.

Potential impact on Bitcoin and other cryptocurrencies

In a blog post, Coin Center Executive Director Jerry Brito wrote that the RESTRICT Act “would give the CFTC broad authority to regulate any digital asset, whether or not it is a security, and regardless of whether it is traded on a centralized exchange, a decentralized exchange, or not at all.”

Brito went on to argue that the bill’s language could be used to classify Bitcoin and other cryptocurrencies as “digital assets” subject to CFTC oversight, effectively banning them in the United States. He also criticized the bill’s proposed restrictions on trading, arguing that they would harm market liquidity and innovation.

The Act has already drawn criticism from other cryptocurrency advocates for the possibility RESTRICT Act Could Be Used to ban Bitcoin, who argue that it would stifle innovation and drive digital asset businesses offshore. Some have also raised concerns about the CFTC’s ability to effectively regulate the fast-moving and complex cryptocurrency market.

Criticisms and support for the RESTRICT Act

Despite these criticisms, the Restrict Act has gained support from some lawmakers, who argue that greater regulation is necessary to protect investors and prevent market manipulation. The bill is currently being considered by the House Committee on Agriculture, which has jurisdiction over the CFTC.


Coin Center has called on lawmakers to revise the Act to ensure that Restrict Act Could Be Used to Ban Bitcoin and does not inadvertently restrict legitimate digital assets. The organization has also urged regulators to work with the cryptocurrency industry to develop effective regulatory frameworks that balance innovation with consumer protection.

Also Read: SBF might be Using Alameda Funds to Pay for Legal Defence.

Tags: BanbitcoinRestrict_act
Tweet54SendShare15
Previous Post

PhonePe Drops Acquisition Deal with Zest Money due to Due Diligence Issues

Next Post

Google rejects allegations of using ChatGPT to train Bard

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

Japan is Reimagining It’s Crypto Landscape : Gateway for Bitcoin ETFs and Tax Relief

by Anindya Paul
June 25, 2025
0
Japan

Japan is on the way to determining regulatory clarity. After a hiatus, on June 24, 2025, Japan's Financial Services Agency (FSA) released an important proposal that would overhaul...

Read more

Bitcoin Power Play by Metaplanet: Closing the Gap with Tesla

by Anindya Paul
June 25, 2025
0
Metaplanet

Metaplanet, the Tokyo-listed company that went from hotel operator to Bitcoin treasury power-player in 2024, is back in the news. On June 23, 2025, Metaplanet announced in an...

Read more

Crypto at Card Swipe: Chainlink & Mastercard Open On Chain Door for 3 Billion Users

by Anindya Paul
June 24, 2025
0
Chainlink

Notably, Chainlink has partnered with Mastercard to enable over 3 billion cardholders to purchase cryptocurrencies on chain. Additional support from zerohash, Swapper Finance, Shift4 Payments and XSwap ‒ powered...

Read more
Next Post
Google rejects allegations of using ChatGPT to train Bard

Google rejects allegations of using ChatGPT to train Bard

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?