Thread by @therealZNO

THE RESTRICT ACT THREAD 🧵:

1/The RESTRICT Act will have a significant impact on our freedom and rights.

First, look at the International Emergency Economic Powers Act (IEEPA).

The IEEPA is a US federal law that authorizes the president to regulate commerce after declaring a national emergency in response to any unusual or extraordinary foreign threat to national security, foreign policy, or economy.

2/The RESTRICT Act operates on a similar concept as IEEPA, where OFAC is authorized to prevent US citizens from conducting business with foreign individuals subject to sanctions.

However, the RESTRICT Act establishes a separate set of sanctions managed by the Secretary of Commerce in addition to those overseen by the Treasury Secretary through OFAC.

3/Like IEEPA, the RESTRICT Act instructs the Secretary of Commerce to prohibit transactions involving foreign adversaries.

Yet, the issue lies in the ambiguous definition of "interest," as the Secretary may contend that all cryptocurrency transactions, such as Bitcoin, fall under the category of transactions in which US foreign adversaries have a stake.

4/In the IEEPA, the "Berman Amendments" present legal exemptions that resemble the 1st Amendment and enable individuals to challenge OFAC sanctions that affect free speech by asserting that OFAC went beyond its authority under the Amendments, rather than asserting that IEEPA violates the Constitution.

5/Conversely, the RESTRICT Act lacks a defined restriction and focuses on transactions linked to information and technology, rendering it unconstitutional.

Unfettered and discretionary power to ban and disrupt various information technologies cannot be exercised without proper oversight and scrutiny.

6/The RESTRICT Act not only fails to ensure these legal safeguards but also aims to undermine them.

This is not just a statutory challenge but a constitutional one that concerns safeguarded speech.

7/You can argue that the requirement for crypto brokers to report transactions over $10,000 to the IRS would violate the Fourth Amendment, which protects against unreasonable searches and seizures.

The government would effectively be requiring brokers to report private financial information without a warrant or probable cause.

8/The RESTRICT Act would require brokers to report cost basis information for crypto transactions, which could be used against individuals in tax audits or legal proceedings.

This could be seen as a violation of the Fifth Amendment's protection against self-incrimination.

9/Also, if the penalties for failing to comply with the reporting requirements are deemed excessive or disproportionate, it could also be argued that they violate the Eighth Amendment's prohibition against cruel and unusual punishment.

10/Furthermore, the power to regulate financial transactions is not explicitly granted to the federal government in the constitution and is therefore reserved to the states or the people under the 10th amendment.

11/The potential for heightened government surveillance is a primary worry.

The proposed bill would grant law enforcement agencies access to our online actions without a warrant, leading to an infringement of our privacy without proper legal procedures, again, violating our Fourth Amendment rights.

For instance, envision being probed for a crime solely due to some harmless internet searches, with no proof of any actual wrongdoing.

12/An additional concern is the possibility of censorship and curtailment of free speech.

The proposed law could mandate social media networks to supervise and take down content considered "extremist" or "harmful" without clear explanations of what qualifies as such content.

This may lead to the suppression of dissenting viewpoints and restrict our capacity to express ourselves openly.

For instance, as we’ve seen with the Twitter Files, consider the same scenario where a post expressing opposing dissent with the government's policies gets removed.

13/Moreover, the proposed law could bestow the government with the authority to seize private possessions without proper legal procedures.

Which would lead to the appropriation of assets without a warrant, infringing on our Fifth Amendment right to due process.

For instance, imagine a scenario where your cryptocurrency gets seized without any proof of illicit behavior, solely due to the government's suspicion of “wrongdoing”.

14/Lastly, this proposed law would result in the deprivation of the right to a just trial.

The legislation would permit the use of unlawfully obtained evidence, which again, would further undermine our Fourth Amendment privileges.

This could lead to the conviction of individuals based on dubious evidence.

For example, where evidence is obtained through surveillance conducted without a warrant and is used to find someone guilty of a crime.

END/It is our duty as American citizens to be watchful in safeguarding our personal freedoms.

The proposed law would potentially have a substantial effect on our autonomy and entitlements, and it is our obligation to make certain that our opinions are expressed in the public discourse.

We must insist that our chosen representatives uphold the Constitution and safeguard our essential rights, rather than relinquishing them in the guise of security or political convenience.