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United States Senator Elizabeth Warren continues to make headlines with her tough stance on the cryptocurrency sector and her striking statements. The Senator called for a legal level playing field for crypto and restrictions on Big Tech companies creating artificial intelligence models. Warren reiterated her position on crypto in an interview with Bloomberg Television on February 27th, expressing her desire to collaborate with the industry.
Warren’s Striking Statements
United States Senator Elizabeth Warren remains in the news with her anti-crypto stance. In her latest statements, she said the following:
“Almost everyone in our financial system follows the same set of rules. In my view, the same type of activity, the same type of risk, should have the same type of regulations. I’m not looking for fancier rules or something tougher; I just want a level playing field.”
She also said that efforts to collaborate are being hindered and claimed that the only way for the industry to survive is to have plenty of room for crime, listing notable crimes among those seeking privileges in the crypto industry. Warren’s proposed Digital Asset Anti-Money Laundering Act aims to treat decentralized technologies such as blockchain nodes, validators, unhosted wallets, and software providers like financial institutions such as banks and brokerage firms.
Crypto industry executives, organizations, and associations have expressed criticism of the proposal, claiming it is not suitable for the technology and will direct innovation and investment to overseas countries. The US Treasury Department has acknowledged that claims about the use of crypto for major crimes are exaggerated.
The AI Sector and the US
Previously at a conference in Washington D.C., Warren stated her desire to stop big tech players like Microsoft, Google, and Amazon from developing large AI language models, and made the following statement:
“We should not allow the immense size of big cloud services like Google, Microsoft, and Amazon to use their dominance to rule over a brand-new field, which means stopping them from running their large language models.”
Warren argued that Big Tech companies have the infrastructure and funds to dominate emerging AI fields like chatbots and could leave smaller competitors out. She sees this as a new front in her campaign against Big Tech’s market power and concentration in the industry.
