Any regulatory guidelines can have a big impact on the cryptocurrency industry over time. The recently announced Earn It Act is something that many people should be concerned about, for obvious reasons.
Most Americans are not even aware of what this new regulatory proposal will entail exactly.
The Earn it Act is Problematic
It would appear that this new concept has been put forward by Bill Bar and President Trump, as well as a few others.
The goal of the Earn it Act is how it would remove a lot of protections automatically granted to internet users.
Those include options to run Tor nodes, running a website or forum, of being a Bitcoin node owner.
Responsibility for user-generated content will be assigned to the creator or poster, instead of the platform hosting it.
In theory, this means the responsibility for a YouTube video rest with the creator, instead of the video platform.
If pushed through, such a proposal has the ability to kill the internet as people know it today.
While the impact on cryptocurrency may not be too big, the Earn It Act does raise a ton of questions waiting to be answered.
For now, the bill is still in the early stages, but it is something enthusiasts need to keep an eye on.
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