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For weeks, we have been watching a process that began with WSJ reports, and today the real purpose has become clear. So what happens now? Despite reports confirming that cryptocurrency’s share in crime revenue is a maximum of 0.5%, a significant portion of US politicians are increasing their pressure on the sector because they found a scapegoat. Let’s take a look at the “Preventing Money Laundering in Cryptocurrencies Act” prepared by Warren and supported by many US politicians.
US New Crypto Law
Today, Senator Warren said that both parties would support the law. Democrats are already known to be against crypto and if Republicans also support it, this proposal can easily become law. In the coming days, we are likely to see their votes and debates on it, so we need to know what is being discussed. So we should review the latest draft in items.
Senator Warren and Crypto History
Cryptocurrencies now have a formidable enemy. The desired powers, limits are not applicable. If these “exaggerated powers” become law, DeFi will be destroyed for American citizens. Moreover, Senators will pressure for its global applicability. So we are talking about strict rules that will tie the hands of countries outside the US. The idea of KYC obligation for DeFi wallets and protocols first came from FTX scammer Sam.
So what has Senator Warren done for crypto so far?
- In an interview in June 2021, Senator Warren described the crypto market as a “Wild West” and said she saw it as a disaster.
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