WHAT IS THE RESTRICT ACT? HOW DOES IT WORK?

This week we’re getting caught up on crypto and the Restrict Act!

What is the Restrict Act and how does it work? The RESTRICT Act is a bill that quite possibly could ban the social media platform TikTok nationwide. The bill was introduced in the Senate last month.

Business Insider is reporting that if this bill is passed, it wouldn't target TikTok specifically but it would give the Secretary of Commerce (by order of the President) the authority to restrict or ban digital products and services from countries it considers to be foreign enemies, such as China, Cuba, Venezuela, Iran, Russia, and North Korea.

That means that the TikTok app and other apps that are found to pose “an undue or unacceptable risk to the national security” would be subject to that regulation.🤷🏾‍♀️ I have an account with TikTok and even though I don’t spend a lot of time there, I do understand why it can be so addictive (if you let it).

In other news, do you remember when Silicon Valley Bank was shut down in March this year? Well, First Republic was one of the banks that also faltered, and on Monday this week JP Morgan Chase took over the First Republic Bank. First Republic disclosed that they lost more deposits than expected in March and CNBC dot com reports that JP Morgan Chase has “emerged as winner of the weekend auction for First Republic.” So Chase gets all the bank’s deposits and a “substantial majority of assets.” Chase is again adding to their own personal portfolio!👀

It’s interesting to me that on the same day that JP Morgan Chase buys out First Republic Bank, we see Bitcoin (BTC) setting a new record for daily transactions. Are these 2 things connected? Maybe. Maybe not.

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I’m not a prophet of gloom and doom but …. nothing is getting better really; we are in the last days, and we’re preparing ourselves as best as we can. But we know that even in the midst of trouble, God is with us! I’ll see you in 2 weeks!🙏🏿

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Copyright ©2023 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™. The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post. The opinion expressed here is not investment advice – it is provided for informational purposes only.