The renewal of Section 702 of the Foreign Intelligence Surveillance Act (FISA) has been slammed by Vitalik Buterin, the co-founder of Ethereum, who has expressed fears that the implementation of new programs within Section 702 might affect the privacy and the crypto community at large.

Advocates for digital privacy and decentralized technology now feel very uncomfortable about the renewed legislation that permits the U.S. government to do surveillance without warrants.

This is bad.

Crypto is not just about trading tokens, it’s part of a broader ethos of protecting freedom and privacy and keeping power in the hands of the little guy.

And these values unfortunately continue to be under attack, globally. https://t.co/iFM932IBP6

— vitalik.eth (@VitalikButerin) April 20, 2024

Buterin’s remarks are indicative of a mounting sense of unease in the cryptocurrency industry, where privacy and decentralization are considered core values. The co-founder of Ethereum says that wider surveillance tools can destroy trust and security in the crypto world by allowing users and developers to be subjected to unnecessary government attention.

Details of the FISA Renewal

The U.S. Senate recently passed the bill to renew FISA’s Section 702 for two more years after a heated debate. This ruling was made after considering strong resistance from the progressive and conservative members who demanded stricter data protection measures. The last vote was 60-34 for reauthorization only moments after the law had expired.

The renewal permits the progress of warrantless surveillance practices, which are mainly aimed at foreign people abroad. Nonetheless, it also involves the communications of Americans gathered during these activities.

Critics, among them Buterin, stress the lack of significant improvements to safeguard the privacy of U.S. citizens, showing the wide and invasive character of the current act.

Senate Response and Legislative Process

Fierce negotiations characterized the legislative process, and along the way, a number of amendments were suggested to limit the scope of surveillance, which were, however, rejected. Senate Majority Leader Chuck Schumer underlined the act’s validity in the fight against terrorism and other serious crimes, arguing that letting the law expire would be a security risk.

On the other hand, critics, including Senator Ron Wyden, claimed that the law was a path to abuse, especially singling out a last-minute amendment that he said would force regular people into surveillance.

However, proponents of the law, such as Senate Intelligence Committee Chair Mark Warner, who spoke in defense of the amendments, provided arguments and specified the scope of the intended amendments, dismissing some of the more alarmist interpretations.

The cryptocurrency community, with leaders such as Vitalik Buterin, seems to be vigilant about such power abuses. The industry usually thrives at the margins of regulatory structures, depending greatly on encryption and anonymity to safeguard user identities and transactions. Surveillance laws’ extension, as a result, may bring an increase in governmental control over crypto transactions, and so it would influence the way how cryptocurrencies are used worldwide.

As the bill now heads to President Joe Biden, who has strongly supported its renewal, the debate continues about balancing national security needs with individual privacy rights.

Read Also: XRP Price Forecast: Will Robust Growth Push Values Beyond $0.8 Soon?

The post Vitalik Buterin Critiques FISA Renewal, Cites Threat to Crypto Community appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am