- Senator Warren cited the national security threats posed by foreign-owned U.S. crypto mining operations
- The Winklevoss twins donated $1 million in Bitcoin to Deaton’s campaign against Warren
Never missed an opportunity to criticize the loopholes of blockchain technology and cryptocurrencies, an avid critic Senator Elizabeth Warren (D-MA) has raised the alarm about the national security risks associated with crypto mining operations in the US
Warren’s anti-crypto stance
According to the senator, “foreign adversaries” could exploit these mining units to spy on US military activities. If they did, they would pose a significant threat to national security.
During a Senate Banking, Housing and Urban Affairs Committee hearing, Warren said:
“Foreign companies are increasingly building crypto mining facilities on US soil. These mines are essentially warehouses full of computers that process crypto transactions and produce new crypto tokens.”
She added:
“They’re loud, they’re hot and they suck up a lot of electricity, which can crash the grid. And that’s why many countries have banned crypto mining, causing more foreign companies to set up shop here in the United States.”
Not the first time!
This isn’t the first time Warren has targeted the crypto industry. On May 29, in a joint letter with Senator William Cassidy, she highlighted updates from drug law enforcement agencies on the role of cryptocurrency in the illicit fentanyl market.
Her latest statement underlines her continued efforts to link cryptocurrencies to criminal activity and reinforces her stance on the need for strict regulation.
During the hearing, Warren even referenced a March 2024 report from Inca Digital. She said,
“A third of crypto mining facilities in the US are owned by citizens of the People’s Republic of China, including people with direct ties to the Chinese government.”
Crypto community against Warren?
For their part, the community won’t settle down without a fight against Warren. Gemini founders Cameron and Tyler Winklevoss, known as the Winklevoss twins, have taken a major political step by donating $500,000 in Bitcoin [BTC] each for John Deaton’s campaign.
This contribution, which amounts to 16 BTC or $1 million, is intended to help Deaton challenge US Senator Elizabeth Warren.
