US Senator Elizabeth Warren has once again voiced her opposition to the cryptocurrency industry, calling for increased government regulation or even elimination of the sector.
During the FTX exchange’s demise, she stated that this should serve as a wake-up call to the Justice Department, the SEC, and the US Treasury to crack down on cryptocurrencies. She also believed that cryptocurrencies should be either regulated or eliminated.
Warren’s anti-crypto stance has been a constant theme, and she has recently launched an anti-crypto re-election campaign. In a tweet, she announced her intention to build an “anti-crypto army” and put the government on the side of working families. She also proposed a $10 per day childcare plan, pledging to fight for the government’s support of working families.
Warren has been vocal in her anti-crypto stance for several years and has based her re-election campaign on her efforts to curb the spread of cryptocurrencies in the US. She recently proposed $10 per day for childcare, stating that she would fight to get the government on the side of working families.
In December 2022, she introduced the Digital Asset Anti-Money Laundering Act of 2022, the culmination of her efforts to regulate the crypto industry. The bill faced criticism from both Republicans and Democrats, with concerns raised about its potential negative impact on the broader crypto and tech industries.
In February, Warren pledged to reintroduce the bill this year, which would necessitate all decentralized entities to comply with stringent anti-money laundering (AML) requirements.
Increased scrutiny on crypto sector in the US
Warren’s latest comments come as the crypto sector in the US faces increased scrutiny, with banks that were accepting cryptocurrencies being shut down and the SEC tightening regulations and suing cryptocurrency giants.
Some analysts believe that the crackdown on the crypto industry is part of a more extensive operation aimed at destroying the sector. The Commodity Futures Trading Commission recently filed a lawsuit against Binance, the world’s largest cryptocurrency exchange, and its CEO, Changpeng Zhao, because the exchange knowingly allowed US customers to trade on its platform despite not being registered as required by US law.
Warren’s opposition to cryptocurrencies is likely to draw criticism from supporters who see cryptocurrencies as a potential alternative to traditional financial systems. As the debate over cryptocurrencies continues, the industry and its supporters will closely watch how this will impact their future.