Elizabeth Warren Pushes De Facto Ban on Crypto in US, Says Blockchain Association’s Jake Chervinsky
The head of policy for a prominent blockchain advocacy group says Sen. Elizabeth Warren is seeking a de facto ban on digital assets in the United States.
According to The Blockchain Association’s Jake Chervinsky, Warren’s crypto bill, which was first introduced to the Senate in December 2022, is effectively a ban on crypto assets in the United States and may be why she is having trouble finding co-sponsors for it.
Chervinksy says that the bill would prohibit ongoing activities related to cryptocurrencies, such as staking and mining.
“Senator Warren’s bill would impose a de facto ban on crypto in the US, criminalizing all kinds of legitimate activity like mining and staking, while doing nothing to actually combat illicit finance. It is no surprise that she is having trouble finding co-sponsors.”
Earlier this year during a Senate hearing, Warren announced her plans to reintroduce the bill, called the Digital Asset Anti-Money Laundering Act, along with Senator Roger Marshall.
According to Warren, criminals are drawn to crypto-assets, and the legislation seeks to close the loopholes used by bad actors by implementing similar anti-money laundering regulations found in traditional finance to the digital asset industry as well.
“We have anti-money laundering rules that cover banks and credit unions and stockbrokers and gold dealers and even Western Union, but the current rules don’t cover much of the crypto industry…
Look, the rules should be simple: same type of transaction, same type of risk, means same type of rules. And that’s why Senator Roger Marshall and I are reintroducing our anti-money laundering bill to crack down on cryptocrime and to give regulators the tools they need to stop the flow of crypto to drug traffickers in places like North Korea and Iran.”
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