Elon Musk’s Twitter Influence: Is There Cause for Concern for the Digital Economy?
Amidst increasing regulatory pressure on the cryptocurrency industry, Joe Rogan recently shared his thoughts on the proposed RESTRICT Act.
Some critics of the act believe it grants the government complete power over digital rights, endangers privacy, and restricts the flow of information. Rogan expressed concerns about the potential impact of Elon Musk’s tweets on crypto.
On April 5th, Joe Rogan had a discussion with Big Jay Oakerson and Ari Shaffir on his podcast, the Joe Rogan Experience. They delved into various topics regarding the RESTRICT Act, with a particular focus on its vague nature. Rogan mentioned the White House’s portrayal of the act as a way to combat technology-related threats to the well-being and security of US citizens.
He also pointed out that the legislation authorizes the Commerce Secretary to review transactions by certain foreign entities who offer “information and communications technologies products or services” (ICTS).
Rogan expressed concern about the part of the legislation that places “impact to the country’s critical infrastructure and digital economy” under “undue and unacceptable” risks to national security, as it could lead to confusion about what constitutes a positive or negative impact on the digital economy.
For example, Rogan mentioned Elon Musk’s tweet about Dogecoin, which led to a 22% price increase in a matter of minutes. He questioned whether such actions would positively or negatively impact the digital economy.
Rogan also criticized the term “digital economy,” which he believes is vague and does not specify whether it refers to the existing digital economy or a centralized digital currency system like the one in China.