Elizabeth Warren’s Bank-Endorsed Ban Crypto Bill Targets Attacks on Tech and Privacy

A recent move was the introduction of the Digital Asset Anti-Money Laundering Act, which aims to limit the use of cryptocurrencies in the US.

On December 11. the bill found Five new senators as allies, including, not surprisingly, three members of the Banking Committee.

Crypto activist Evan Vance has released a list of senators he claims are “Paid by banks To Support Elizabeth Warren's Anti-Crypto Bill”

List of US Senators Paid by Banks to Support Elizabeth Warren's Anti-Crypto Bill

* @RaphaelWarnock (D-GA)* @LaphonzaB (D-CA)* @ChrisVanHollen (D-MD)* @Hickenlooper (D-CO)* @benraylujan (D-NM)* @RogerMarshallMD (R-KS)* @ Jomanchin WV (D-WV)

The list goes on

— Evan Van Ness 🧉 (@evan_van_ness) December 11, 2023

Warren as if to prove his point he said.

“I often disagree with the CEOs of multi-billion dollar banks when it comes to banking policy. But applying anti-money laundering laws to crypto is common sense and critical to protect national security.

Banning Bitcoin in America

Neeraj Agrawal of the cryptocurrency policy think tank CoinCenter said the bill is “a direct attack on technological progress and also a direct attack on personal privacy and autonomy.”

He added that the law could be a solution to money laundering and terrorism financing, but:

The bill is essentially a rejection of liberal values ​​and a move toward the kinds of surveillance and control that have been celebrated by dictators like Vladimir Putin, Xi Jinping, and Kim Jong Un.

Digital asset anti-counterfeiting legislation is a direct attack on technological progress, as well as a direct attack on personal privacy and autonomy.

Make no mistake, while it's proposed as a solution to counterfeiting and terrorist financing, the bill actually… pic.twitter.com/8oID1wECGL

— Neeraj K. Agrawal (@NeerajKA) December 11, 2023

The bill aims to strengthen US counterfeiting laws by classifying crypto companies, miners and applications as non-custodians. WalletsIt is the same with financial institutions according to the Bank Secrecy Act.

Alex Thorne, Head of Galaxy Research he said. The bill was an effective ban on BTC in the United States.

“Requiring non-open source software to perform banking-like functions is the *biggest attack* Bitcoin haters have always threatened. Bitcoin Core, for example, is unlikely to comply with this, so the ban on Bitcoin in the US is effective.

He added that these regulations “effectively ban crypto in the US,” essentially undermining the original innovation itself – peer-to-peer digital money.

Don't panic yet

However, Tom Dunleavy, a partner at MV Capital, noted that most of the bills sponsored by Senator Warren over the past few years have not passed Congress.

Bitcoin Pioneer Jameson Loup During her decade as a senator, Elizabeth Warren introduced 315 bills. “That's a 0.32% success rate,” he said before adding, “There's only one that's mandated by law.”

Warren sponsored: 36 bills in the 118th Congress (2023-24). 0 passed.103 bills in the 117th Assembly (2021-22). 0.98 bills passed in the 116th Congress (2019-20). 0 passed.80 bills in the 115th Congress (2017-18). 0 passed. 27 bills in the 114th Congress. (2015-16). 0 passed.

— Tom Dunleavy (@dunleavy89) December 11, 2023