Pro-Bitcoin Senator Cynthia Lummis Criticizes Elizabeth Warren’s Crypto Bill Plan: “That Dog Won’t Hunt” – Bitcoin (BTC/USD)

Sen. Cynthia Lummis (R-WY), a faithful Bitcoin BTC/USD supporter and holder, has strongly opposed Sen. Elizabeth Warren’s (D-MA) proposed Digital Asset Anti-Money Laundering Act, introduced Wednesday.

What happened: The proposed bill is intended to restrict financial institutions from using privacy technologies including crypto mixers, as well as to establish similar money laundering provisions for crypto organizations and crypto kiosks (ATMs).

Furthermore, it requires miners, custodial wallet services and self-custodial wallets to use KYC protocols.

Lummis has expressed his displeasure with the bill, highlighting that KYC needs are not practical within the cryptocurrency environment. “Require open source developers to build AML/KYC into node software and hardware wallets? That dog won’t hunt,” she tweeted.

Who says what: Congressman Tom Emmer (R-MN.), who has been very friendly to cryptocurrencies, is reviving the bipartisan bill titled “Blockchain Regulatory Certainty Act”. This bill, spearheaded by Congressman Darren Soto (D-Fla.), and originally introduced to Congress last August, proposes to repeal the requirement that crypto businesses and projects be registered as Virtual Asset Providers in response to the collapse of FTX.

Emmer believes reintroducing the bill is timely in the current climate, where the United States is frantically crafting legislation to avoid a repeat of an FTX-style mishap. On Thursday, he wrote, “the bill asserts that blockchain entities that never hold consumer funds in custody are not money transmitters … providing necessary legal certainty to ensure that the future of crypto reflects American values.”

Peter Van Valkenburghdirector of research at the Coin Center, a policy think tank, recently said Warren’s proposed bill represents a direct attack on technological progress and a blatant disregard for privacy and autonomy.

This proposed bill “is effectively a repudiation of liberal values ​​and a move toward the kinds of surveillance and control prized by authoritarians like Vladimir Putin, Xi Jinping and Kim Jong-un,” he wrote in a blog post.

Price action: At the time of writing, Bitcoin BTC/USD was trading at $17,709, down 0.34% in the last 24 hours, according to Benzinga Pro data.

Read next: Bitcoin, Ethereum, Dogecoin Mixed After Fed Rate Hike: Analyst Says Apex Crypto’s Path to $20,500 ‘Open’

Photo via Gage Skidmore at Wikimedia Commons