On Jan. 12, ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, Elizabeth Warren, penned a 31-page letter to Treasury Secretary-designate Scott Bessent suggesting harsh measures for crypto regulation.
The letter was shared by the vice president of government affairs at Paradigm, Alexander Grieve, who pointed out that she was instantly on the offensive, saying that Bessent has âno government experience.â
In the section on anti-money laundering, Warren, who defeated John Deaton in the November election, referenced the list of crypto crackdown requests she sent to Congress in late 2023, he noted. She also reiterated the well-worn arguments that crypto is for criminals:
She also asked Bessen, who has disclosed ownership of spot Bitcoin ETF holdings worth as much as $500,000, several questions regarding the application of tougher AML regulations, especially for digital assets.
âShould the [Treasury] agency have a secondary sanctions tool that would allow it to sever fintech and crypto operators from US relationships?â she asked.
She also asked whether the Office of Foreign Assets Control (OFAC) should have jurisdiction over dollar-denominated stablecoins.
Warren said that the Treasury, under the Biden Administration, ârecognized the growing threat of crypto.â In November 2023, it outlined five legislative proposals that would help the agency âcombat illicit finance related to digital assets.â
These included amending the Bank Secrecy Act to include a new crypto-related category of âfinancial institutionâ that would include crypto exchanges, unhosted wallets, decentralized finance (DeFi), and blockchain validators.
Senator Warren has continued her push to lump digital assets and decentralized protocols in the same category as traditional finance and banking. Not all are in agreement with the banking Senator, however.
Elizabeth Warren has also been accused this week of attempting to use the California wildfire disaster for political gain.
On Jan. 11, she posted a call to action for supporting the Los Angeles Fire Department Foundation. However, it was revealed that the link provided was not for the charity or foundation but for a Democrat fundraising platform called ActBlue that reportedly takes commissions from donations.
The post Elizabeth Warrenâs War on Crypto Continues With Suggestions for New Treasury Secretary appeared first on CryptoPotato.
The letter was shared by the vice president of government affairs at Paradigm, Alexander Grieve, who pointed out that she was instantly on the offensive, saying that Bessent has âno government experience.â
Crypto Warpath Continues
In the section on anti-money laundering, Warren, who defeated John Deaton in the November election, referenced the list of crypto crackdown requests she sent to Congress in late 2023, he noted. She also reiterated the well-worn arguments that crypto is for criminals:
She also asked Bessen, who has disclosed ownership of spot Bitcoin ETF holdings worth as much as $500,000, several questions regarding the application of tougher AML regulations, especially for digital assets.
âShould the [Treasury] agency have a secondary sanctions tool that would allow it to sever fintech and crypto operators from US relationships?â she asked.
She also asked whether the Office of Foreign Assets Control (OFAC) should have jurisdiction over dollar-denominated stablecoins.
Warren said that the Treasury, under the Biden Administration, ârecognized the growing threat of crypto.â In November 2023, it outlined five legislative proposals that would help the agency âcombat illicit finance related to digital assets.â
These included amending the Bank Secrecy Act to include a new crypto-related category of âfinancial institutionâ that would include crypto exchanges, unhosted wallets, decentralized finance (DeFi), and blockchain validators.
Senator Warren has continued her push to lump digital assets and decentralized protocols in the same category as traditional finance and banking. Not all are in agreement with the banking Senator, however.
Scamming Scandal?
Elizabeth Warren has also been accused this week of attempting to use the California wildfire disaster for political gain.
On Jan. 11, she posted a call to action for supporting the Los Angeles Fire Department Foundation. However, it was revealed that the link provided was not for the charity or foundation but for a Democrat fundraising platform called ActBlue that reportedly takes commissions from donations.
The post Elizabeth Warrenâs War on Crypto Continues With Suggestions for New Treasury Secretary appeared first on CryptoPotato.
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