- Elizabeth Warren is building an ‘anti-crypto army for her re-election campaign.’
- Warren has been criticized heavily by the crypto community.
Senator Elizabeth Warren is rumored to be creating an “anti-crypto army.” Dogecoin co-founder Billy Markus criticized the idea. The senator allegedly built this army for her re-election campaign. Earlier, Coin Group proposed a ban on TikTok in the US which was followed by rumors of a potential ban on Bitcoin.
The backlash to the decision
DOGE co-creator and IT engineer Billy Markus has openly criticized the senator for her anti-crypto campaign. He even posted a made-up image of Elizabeth Warren wearing a US army uniform, with the caption “Join Elizabeth Warren’s anti-crypto army.”
Markus wasn’t the only one to speak against the “army.” His voice echoed with greats of the crypto industry like Cardano founder Charles Hoskinson, CryptoLaw founder John Deaton, and Scott Melker, a crypto trader and podcaster.
Possible Reasons for the Anti-Crypto Attitude
People from the crypto industry feel that this decision is in accordance with making space for the US CBDC. This could also be the reason behind strikes on multiple crypto companies and exchanges, like Ripple, Coinbase, etc. Meanwhile, the SEC has been trying to prove that crypto assets are securities.
If analyzed closely, the recent closure of crypto-friendly banks like SIlbergate, Silicon Valley Bank and Signature Bank can also be linked with the decision, as these banks were the backbone of multiple crypto entities.
Elizabeth Campaigns Against the Crypto Industry
Senator Elizabeth Warren has been making anti-crypto statements for some time now. She has also worked as a member of the Senate Banking Committee, which works closely with the United States Securities and Exchange Commission. This senate has been very active in the recent bills implemented last year against Bitcoin and the crypto space.
Elizabeth Warren highlighted usage of cryptocurrency for criminal activities by drug lords and human traffickers, who use crypto to launder their gains. She feels that by banning crypto, these problems might be solved.
What Exactly Does the Senator Want?
The support for crypto has somewhat diminished from the Washington circuits after the FTX saga and when the names of a few lawmakers surfaced for their exposure with Sam Bankman Fried. Massachusetts Senator Elizabeth Waren has gathered a team of conservative Republicans to support her anti-crypto cause.
The bipartisan crypto bill has been pushed around for quite some time and will require crypto companies to abide by stricter anti-money laundering regulations. It would also require them to keep a record of customers’ identities, disrupting the foundation of anonymity in the crypto industry.
Warren has also emphasized on the threat to national security as the center point for crypto legislation. Malicious actors use crypto for terror funding, drugs, and other illegal activities, which threaten the nation. She has expressed concerns regarding consumer protection and the environmental impact caused by cryptocurrencies.
Implications for the Crypto Industry
The crypto industry has faced backlash from authorities, lawmakers, and agencies. The US and many countries are trying to develop overarching regulations on crypto, and many of them are in the final stages of drafting such laws. If the US somehow succeeds in banning crypto or bringing stricter regulations, it could benefit them now, but it might not be good in the long run.
Crypto is seen as the future, and if stopped in one place, the industry would simply move to other places and regions which could prevent the US from becoming a superpower in the crypto world.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/31/crypto-community-slams-senator-warrens-anti-crypto-army/