US Senator Elizabeth Warren has released her anti-crypto bill titled the “Digital Asset Anti-Money Laundering Act of 2023,” and she has five new Senators who are co-sponsors, including three members of the Banking Committee.
Elizabeth Warren is at it again, fellow readers — she is looking to take down crypto with a newly released bill according to her website.
Senator Warren Is In League With The American Bankers Association
The US Senator is making progress, and the crypto community needs to fight — this is not a joke.
Just this past week, she put her cards on the table, and the CEO of JPMorgan Chase, Jamie Dimon, joined her in that fight.
And according to the X post, the Chamber of Digital Commerce is highlighting that this legislative initiative was written by the American Bankers association.
Cody Carbone of the Chamber of Digital Commerce highlighted, “This proposed bill is designed to strip away the security layer from digital asset transactions, which are engineered to offer Americans faster, more cost-effective solutions, and serve as a shield against inflation. This would be perilous for U.S. consumers and investors. This bill jeopardizes American jobs, finances, and economic future.”
Read: JPMorgan CEO Jamie Dimon Threatens To Shut Down Cryptocurrency If He Were The Government
About The Bill
Alex Thorn, who is the Head of Firmware Research at Galaxy, highlighted the following, “This bill from @SenWarren massively expands the bank secrecy act, imposing bank-like KYC rules on non-custodial software products, including FOSS. And it’s gaining steam with 5 new co-sponsors. This would be disastrous for bitcoin and crypto in the USA.”
He added, “Specifically, the bill calls for dramatically expanding the bank secrecy act to cover open source software, including non-custodial wallets, miners, and validating nodes. As non-custodial and decentralized software cannot plausibly perform centralized compliance functions, Warren’s bill would effectively outlaw crypto in America.”
The crypto community is not against stopping bad actors from using crypto, cash, or whatever means of currency or exchange of value. Of course we want to stop bad actors, drug traffickers, terrorists and so forth — that is not in question here.
This is where Elizabeth Warren is pulling the wool over the majority of people, saying crypto is being used for all these things, but the devil’s in the details wherein she is not providing distinguishing factors and rules, doing a blanket ban. And that is where she is aligning with those bankers who are getting disrupted by this technology, who want to see this stop.
We also have a lot of these advocacy and lobbying groups who are trying to stop this bill as they are going on the offensive.
Neeraj K. Agrawal, who is the Director of Communications at Coin Center, highlighted the following, “The Digital Asset Anti-Money Laundering Act is a direct attack on technological progress and also a direct attack on our personal privacy and autonomy.”
He added, “Make no mistake, while proposed as a solution to potential money laundering and terrorist financing, the bill is in fact a repudiation of liberal values and a move towards the types of surveillance and control prized by authoritarians like Vladimir Putin, Xi Jinping, and Kim Jong-un. Unfortunately, the bill cannot be improved; it can only be opposed in its entirety. Coin Center will do everything in its power to protect the rights of Americans and defeat this unwarranted attack on individual privacy and autonomy.”
Read: US Senator Elizabeth Warren’s Lies Regarding Crypto & Hamas Exposed – Details
Senator Warren’s Track Record
Co-founder and CEO of Apollo, Julian Fahrer, highlighted Elizabeth Warren’s record when it comes to releasing bills.
So the one good thing is that she has not had a good record. And this is why she is a great marketer — she puts up this facade, and puts out a lot of narratives as though she is for this and that, but in reality, she’s not. And she actually has not done much when it comes to actual legislation that goes into law.
Read: Elizabeth Warren Gives SEC An Ultimatum To Regulate Crypto
Final Thoughts
I think the Senate hearing with Jamie Dimon last week was a big chess piece move by Senator Warren because you have the CEO of the world’s largest bank saying he hates crypto, it is only being used by terrorists and criminals, which we know is false, right? He has been saying this since 2017 but JPMorgan is investing in crypto. They are building with it, so it is a whole big facade.
The only issue here I’m concerned about is Warren has got Jamie Dimon and the American Bankers Association on her back — and they got money, resources and campaign donations. That is probably why you are seeing a whole bunch of Senators co-sponsoring this bill. It’s not so much as Elizabeth Warren is the problem, it is who she is working with. So that is why it was a big chess move on what she did last week.