Christ, the EARN IT Act is just so brain-breakingly stupid. It would allow the AG to write "best practices" making providers legally liable for offering end-to-end encryption. OK, well, what's to stop people from separately encrypting data and *then* transmitting it?
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Online banking and sales are dependent on strong cryptography. Get rid of strong cryptography and you cripple the economy.
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The Bloomberg companies are centrally dependent on end-to-end cryptography.
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Predictions end with catastrophic data breach, but in the age of double ignorance¹ we can assume that not only it would happen, but it would be shrugged off, and we'll just speculate on subsequent dumps. Fire the blockchain startup that designed Clipper chip 2 and hire a new one.
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¹ double ignorance = people who don't care about some stuff elect people who don't care about most stuff
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