Elizabeth Warren Builds ‘Anti-Crypto Army’ – Feeds Dire Warnings to Ban Bitcoin
BitcoinBTC and crypto companies are grappling with the growing possibility of the US trying to “quietly” ban bitcoin.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigating the roller coaster of bitcoin and crypto market
A high-profile bitcoin and crypto investor has suggested that the recent banking crisis may have started with a government-level campaign against crypto-friendly banks.
Now, influential Democratic Senator Elizabeth Warren has signaled that she is “building an anti-crypto army” as part of her re-election campaign following a warning from crypto lobby group Coin Center that a crackdown on TikTok could pave the way for a bitcoin ban.
It is at the beginning of a bull run that you need updated information the most! Sign up for free now CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
“I am in this fight to put our government on the side of working families,” the former US presidential hopeful wrote on Twitter, embracing a quote from a recent Politico profile that said she’s “building an anti-crypto army.”
Warren, who is on the Senate Banking Committee that oversees the US Securities and Exchange Commission (SEC), has been at the forefront of a number of anti-bitcoin and crypto bills that have been introduced in the past year.
“Rogue nations, oligarchs, drug lords and human traffickers use digital assets to launder billions in stolen funds, evade sanctions and finance terrorism,” Warren said in December along with the introduction of the Digital Asset Anti-Money Laundering Act, adding the bill would “help with closing crypto money laundering loopholes.”
The crypto industry has been on guard since the US Treasury Department’s Office of Foreign Assets Control (OFAC) blacklisted crypto-mingling tool Tornado Cash last summer, fearing it was the first of several enforcement actions to come.
This week, Coin Center warned that a recently introduced bill known as Restrict (restricting the rise of security threats that risk information and communication technology) risks opening the door to a future bitcoin and crypto ban.
“While the primary targets of this legislation are companies like TikTok, the language in the bill could potentially be used to block or disrupt cryptocurrency transactions and, in extreme cases, block Americans’ access to open source tools or protocols like bitcoin,” Coin Center wrote in a blog .
Register now for CryptoCodex—A free, daily newsletter for the crypto-curious
Anti-bitcoin and crypto sentiment has increased significantly following the recent price crash that wiped around $2 trillion of value from the crypto market through 2022, plunged many crypto companies into chaos and culminated in the implosion of major-exchange FTX in November.
“If … governments intend to limit progress, they should openly declare that goal and pursue it through transparent democratic channels,” Kevin Reynolds, Coindesk editor-in-chief, wrote in an op-ed. “I hope … the Biden administration is not out to kill crypto. Assuming that is the case, the White House needs to clearly demonstrate its positive intent.”
Follow me on Twitter.
