News - Bitcoin opponent Elizabeth Warren gets further support

By Sam Fröling

Bitcoin opponent Elizabeth Warren gets further support

Bitcoin (BTC)
Laws and regulations
Bitcoin opponent Elizabeth Warren, gets further support

The senator from the US state of Massachusetts has made it her top priority to fight the crypto industry. That should lead to the intended crackdown on cryptocurrencies, has received further approval.

Goal to almost completely eliminate the crypto industry

With the Digital Asset Anti-Money Laundering Act, crypto opponent Elizabeth Warren filed a bill in July of this year intended to practically eliminate the crypto industry. The senator has now announced that five other senators have joined her proposal. Three of the senators are also members of the Banking Committee, that is, of the relevant field.

The Digital Asset Anti-Money Laundering Act is intended to prevent money laundering activities and terrorist financing in the crypto sector. As understandable as this plan is, however, the law would result in a crypto crackdown. Crypto business models would then be almost impossible to operate economically and practically.

Several senators and organizations support the project

The bill has already been supported by several senators and organizations, including the Banking Policy Institute, the Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, the National Consumer Law Center and the National Consumers League.

However, the chances of success are slim. After Warren's blog post, it was announced that only 11 of her 330 legal actions were successful. The chances of her extreme views passing are correspondingly small.

Read also: Here's how the U.S. Treasury Department plans to take action against Tether

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