Senator Elizabeth Warren wants to form an anti-crypto army

Sen. Elizabeth Warren (D-Mass.) and Sen. Roger Marshall (R-Kan.) decided to reintroduce the Digital Asset Anti-Money Laundering Act. She seems determined to pass her legislation to bring the crypto industry to its knees.

Elizabeth Warren, a US senator from Massachusetts, has strongly voiced her concerns regarding cryptocurrencies. In particular, their lack of regulation and potential for fraud and abuse. Her stance on cryptocurrency has been described as “anti-crypto” by many.

Warren’s statements have placed additional pressure and scrutiny on the cryptocurrency industry from other policymakers and regulators, potentially leading to increased regulation and oversight.

This makes it difficult for some cryptocurrency projects to operate and may limit the use of cryptocurrencies by ordinary investors and businesses. If this wasn’t enough, Warren recently announced her bid for another term in the Senate.

Elizabeth Warren is making another Senate run

Sen. Elizabeth Warren (D-Mass.) aims to continue her political career in the Senate. The state’s senior senator made his third term official in a two-plus minute video posted on social media:

The video highlights her accomplishments, such as a corporate minimum tax, over-the-counter hearing aids and student loan debt cancellation (which remains stalled in court). But above all, her narrative is against cryptocurrencies by building an anti-crypto army.

Warren has long been an advocate for stricter regulation of the crypto industry. In 2018, she called for a coordinated effort to regulate the industry, claiming that cryptocurrencies had become a “Wild West” for investors. She was also critical of Facebook’s proposed Diem (formerly Libra) cryptocurrency, which she claimed would threaten the global financial system.

Warren’s re-election bid could affect the crypto industry as she is likely to continue to push for increased regulation. The proposal could significantly affect the crypto industry, especially given her previous comments.

A Look at Elizabeth Warren’s Proposed AML Act

The senator has been a vocal critic of cryptocurrencies in recent years, claiming they are used to facilitate illegal activities, such as money laundering and terrorist financing. Elizabeth Warren and Senator Roger Marshall are now aiming to pass the Digital Asset Anti-Money Laundering Act.

First introduced last December, the law aims to close loopholes that terrorists, rogue states and other bad actors currently exploit to launder money through crypto transactions. The reintroduction of the Digital Asset Anti-Money Laundering Act may signal a renewed focus on regulating the industry.

If enacted, the Digital Asset Anti-Money Laundering Act would require crypto exchanges and other virtual asset service providers to comply with the Bank Secrecy Act (BSA) and other anti-money laundering (AML) laws. The bill will also establish a new framework for the regulation of digital assets. It would require the Financial Crimes Enforcement Network (FinCEN) to issue rules to detect and report suspicious activities involving digital assets.

Furthermore, the bill would expand anti-money laundering reporting requirements to include US persons who trade $10,000 or more in digital assets using an offshore account, and require the Treasury Department to conduct anti-money laundering investigations for money services firms. US crypto companies fall under.

What does this mean for crypto?

In addition to Warren’s re-election bid, the cryptocurrency regulatory landscape is also rapidly evolving. Recently, there has been a flurry of activity from regulators and legislators around the world. Many countries have started to introduce new rules or propose changes to existing ones. In the US, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have both signaled that they will increase oversight of the crypto industry.

Talking to BeInCrypto, Ryan Sean Adamsthe founder of Bankless, claimed:

“The bill (proposed) is the most significant attack on digital freedom I have ever seen. It turns validators into money service businesses. It prohibits financial privacy. It turns America into a full-on surveillance state. “

He further added: “This is how Western democracies die.” Other critics have also aired their thoughts following the development. For example, the famous analyst Dan Held tweeted:

Another user used sarcasm to show his thought process, as evidenced in the tweet below. It depicts the “traditional” mentality behind creating this task force.