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The HTML5 forms where users can type text, usernames, passwords, etc, should have encryption. So apart from having un-encrypted HTML5 forms, there should be encrypted HTML5 forms too. I know people can use https(SSL) to encrypt HTML5 forms, but I'm talking about encryption between the HTML5 forms and the web browser, so if a user has a keylogger or spyware installed on their computer and they type text into an encrypted HTML5 form, the keylogger won't be able to see the text, so by having an encrypted HTML5 form tag, developers can encrypt their HTML5 forms without the user needing encryption software installed on their computer.
Implementors are free to use encryption internally, but that has no influence on the HTML5 spec. Keyloggers see what is typed. That does not depend on the User Agent (web browser).