FWIW, I think that's one of the weaker arguments against crypto regulation. Few proposals are export-control style proposals these days.
Sensible or not, it's perfectly possible to regulate the sale of products containing cryptography and ask for LE intercept or key retention.
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All this will enable is snooping on the public. Encryption will still be used by criminals without back doors. Govt can't be trusted here.
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The UK Hone Office regularly uses terror as the primary rationale for back doors. You cannot effectively regulate against terror
End of conversation
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