Elizabeth Warren has promised to build an army against cryptocurrencies, foreseeing the challenges the sector will face. Most American politicians are not hostile to cryptocurrencies because they want to protect investors, but for different reasons. So, what is the real reason behind Warren’s hostility?
Massachusetts Senator Elizabeth Warren has gained notoriety with anti-crypto bills and replaces every failed bill with a new one. Due to the upcoming elections, she doesn’t have much time to pass the bill. Therefore, she tried to turn the war in the Middle East into a driving force for the anti-crypto bill by hiding behind baseless accusations.
We have shared all the details about Warren’s latest draft. The Digital Asset Anti-Money Laundering Act endangers 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.
The bill, jointly prepared by Warren and Kansas Senator Roger Marshall, imposes the idea that digital assets are increasingly used in criminal activities such as money laundering, ransomware attacks, and terrorist financing. This reminds us of the idea of abolishing the US central bank because the dollar is used in human trafficking, drug sales, slave trade, terrorist attacks, and many other dirty activities. Only 0.5% of the world’s crime-tainted money is associated with cryptocurrencies, and 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 existing one forever.
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 created by cryptocurrencies for big banks. People should continue to pay double-digit transaction fees for international money transfers, wait for days, and remain dependent on banks. This is the unwritten clause of the bill.