New law grants US president power to block digital asset access \ stacker news ~news

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New law grants US president power to block digital asset access cointelegraph.com/news/new-us-law-block-digital-assets

953 sats \ 9 comments \ @Rsync25 6 Jun 2024 news

100 sats \ 0 replies \ @machuPikacchu 6 Jun 2024

Digital asset means any digital representation of value ... that is built as part of a system that to leverages or replace blockchain or distributed ledger technology or their derivatives.

I'm not a lawyer but that's an extremely broad definition that could encompass ALL online financial instruments and rails including the Visa network and CBDCs. If the ledger (database) isn't completely isolated to a single machine then it's distributed...

This effectively gives the president the power to cut off ANYONE from online banking. How can that possibly go wrong?

0 sats \ 0 replies \ @Msd0457890 7 Jun 2024

Wow, I'm just finding out today. Can they really limit people from the financial freedom that the world is opening up to?

0 sats \ 0 replies \ @emmanuelrosa 6 Jun 2024

https://media1.tenor.com/m/UvKaYaiEWtcAAAAd/haha-so.gif

0 sats \ 0 replies \ @Cje95 6 Jun 2024

Luckily its just in proposed legislation. It wont be in there by the time this legislation reaches the House because the House will not pass something like that.

0 sats \ 2 replies \ @030a29f333 6 Jun 2024

Sorry what?

0 sats \ 1 reply \ @Rsync25 OP 6 Jun 2024

They can block your sats, if you have them into Exchange

0 sats \ 0 replies \ @030a29f333 6 Jun 2024

Good lord

0 sats \ 0 replies \ @BitByBit21 6 Jun 2024

Good luck trying to block Bitcoin

0 sats \ 0 replies \ @Zk2u 6 Jun 2024

Why is this not higher?!