U.S. Department of Justice proposes bill prohibiting crypto processing or threatens cryptocurrency industry

According to Fox Business, the US Department of Justice and the Attorney General under the jurisdiction of Attorney General William Barr are considering a total ban on cryptography. At a "smuggling" summit in the White House, Barr said he opposed end-to-end encryption. He said that "military-level" security features made possible human trafficking through closed networks. Barr and Sen. Lindsey Graham (RS.C.) aim to pass a draft on encryption-the "Elimination of Abuse and Excessive Ignorance of Interactive Technology (EARN IT) Act". The bill is designed to ban inappropriate content about children posted on websites and social media. The intention is positive, however, it requires government officials to gain the privacy of all individuals through a backdoor. In addition, prohibiting or restricting encryption will not only affect personal data, but also cryptocurrencies, because the value and information exchange of many blockchain networks are anonymous.