President Trump signs the US CLOUD Act: Causes panic and privacy concerns in the crypto space
- The CLOUD ACT gives the US government increased access to private data belonging to citizens.
- The bill that has been supported by other corporations like Apple, Facebook, Microsoft and even Google.
It is barely a week since the whistleblower, Edward Snowden revealed how the United States National Security Agency (NSA) has been monitoring the activities on Bitcoin. President Donald Trump has moved on swiftly and signed the Clarifying Lawful Overseas Use of Data Act to law. The Act has been structured in a way that it allows other foreign governments use data from US companies to get information on their citizens.
At the same time, the CLOUD ACT gives the US government increased access to private data belonging to citizens geared towards law enforcement. On the contrary, the bill that has been supported by other corporations like Apple, Facebook, Microsoft and even Google has started to cause a lot of panic in the cryptocurrency circles.
The prominent users and experts have begun to advise the cryptocurrency enthusiasts to shift their focus on the privacy-oriented cryptos with the aim to avoid surveillance. This Act coupled with the recent Snowden’s comments is making the cryptocurrency users feel like the anonymity of the crypto coins is not that solid.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
