Elizabeth Warren was able to foresee the challenges the cryptocurrency industry would face, promising to build an army against it. Most American politicians are hostile towards cryptocurrencies not because they want to protect investors, but for different reasons. So, what is the real reason behind Warren’s hostility, and why do they act as if they believe in cryptocurrency crime revenue reports even though they know they are incorrect?
Massachusetts Senator Elizabeth Warren has become known for her anti-crypto bills, replacing each failed bill with a new one. Due to the upcoming elections next year, she doesn’t have much time to pass the bill. Therefore, the furious Senator tried to turn the war in the Middle East into a driving force for her anti-crypto bill by hiding behind baseless accusations.
We have shared all the details of Warren’s latest draft. The Digital Asset Anti-Money Laundering Act threatens the principles of freedom and personal sovereignty that underpin cryptocurrencies. Warren claims that the bill is necessary to combat illegal activities, but it is full of nonsense. Moreover, it is clear that the real purpose is to protect and serve the big banks.
Warren, who prepared the bill with Kansas Senator Roger Marshall, is imposing the idea that digital assets are increasingly being used in criminal activities such as money laundering, ransomware attacks, and terrorist financing. This reminds us of the idea of dismantling the US central bank due to the dollar being used in human trafficking, drug sales, slave trade, terrorist attacks, and many other dirty activities. While only 0.5% of the world’s crime-tainted money is associated with cryptocurrency, Warren claims the opposite.
The most dangerous part of the bill requires digital asset developers to comply with the Bank Secrecy Act (BSA) responsibilities and Know Your Customer (KYC) requirements. This section, filled with nonsense that even mandates identity verification on DeFi platforms and is technically impossible to implement, guarantees the creation of an alternative system to the current one.
Although she claims to act in the name of national security, it is certain that the bill’s only benefit is to limit the competition that cryptocurrencies create for big banks. People are required to continue paying double-digit transaction fees for international money transfers, wait for days, and remain dependent on banks. This is the unwritten clause of the bill.