Senator Elizabeth Warren Wants to Impose a De Facto Ban on Crypto, Says Jake Chervinsky
Jake Chervinsky is the chief policy officer of the blockchain advocacy group. The executive has claimed that Senator Elizabeth Warren will make another push to bring about a de facto ban on cryptocurrency space in US jurisdiction.
It is worth noting that in the past, she maintained an opposing stance on the matter of cryptocurrency trading and mining.
Chervinsky has highlighted a new cryptocurrency bill that she has been working on since last year. The legislative charter in question, named the crypto bill, was present in the Senate for the first time in December 2022 last year.
It deals with the matter of permanently banning cryptocurrency-related activities within US jurisprudence. However, the absolute exodus nature of the bill is the main reason that she has been unable to find other sponsors on this matter.
New Crypto Bill to Ban Certain Crypto Activities
As per the report published by the blockchain association, the crypto bill may be able to bring a ban on important trading incentives such as staking and mining. As per the analysis of the crypto bill, it can criminalize various legal and streamlined cryptocurrency activities such as mining and staking.
Meanwhile, this bill does not include any clauses that are directed toward protecting the interest of retail investors or bringing legal clarity for crypto to avoid illegal financial activities or scams.
To this effect, legislators and policymakers have refrained from taking an interest in the said bill thus far. However, since the start of the current year, she has expressed her aim to revamp the bill in question.
The bill is now available for review at the Digital Asset Anti-Money Laundering Act, and got an insight from Senator Roger Marshall. Senator Warren believes that cryptocurrency is an apparatus for criminals, and she wishes to use the legislative assembly to shut down the sector.
Legislators in the US are gearing up to bring about the same AML regulations in traditional finance within the cryptocurrency industry as well.
Thus, they have remarked that US money laundering laws may cover banks, credit unions, stockbrokers, and gold dealers. The same legal guidelines are also applied to Western Union as well. However, these rules are not yet applicable to the cryptocurrency markets.
She has remarked that she is working on introducing the same rules in crypto in association with Senator Roger Marshall. She maintained that she intends to address the issue concerning the AML bill to contain crypto criminal activities.
On the other hand, she can also grant some legislative tools to the regulators so that they can have a better hold on crypto usage for drug trafficking in other national jurisdictions.
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