The chief policy officer of a prominent blockchain advocacy group says Sen. Elizabeth Warren is trying to implement a de facto ban on digital assets in the US.
According to The Blockchain Association’s Jake Chervinsky, Warren’s crypto bill, which was first introduced to the Senate in December 2022, effectively bans crypto assets in the US and could be why she’s having trouble getting there. find co-sponsors.
Chervinksy say that the bill would ban everyday activities related to cryptocurrencies, such as staking and mining.
“Senator Warren’s bill would impose a de facto ban on crypto in the US, criminalizing all manner of legitimate activities such as mining and staking, while doing nothing to actually combat illicit funding. It is no surprise that she is struggling to find co-sponsors.”
Earlier this year, during a Senate hearing, Warren announced her plans to work with Senator Roger Marshall to reintroduce the bill, the Digital Asset Anti-Money Laundering Act.
According to Warren, criminals are attracted to crypto assets and the legislation seeks to close loopholes that bad actors exploit by applying similar anti-money regulations found in traditional finance to the digital asset industry .
“We have money laundering rules that apply to banks and credit unions and stockbrokers and gold dealers and even Western Union, but the current rules don’t cover large parts of the crypto industry…
See, the rules should be simple: the same kind of transaction, the same kind of risk, means the same kind of rules. And that’s why Senator Roger Marshall and I are reintroducing our anti-money laundering bill to tackle crypto crime and to give regulators the tools they need to stop the flow of crypto to drug traffickers in places like North Korea and Iran.
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