Elizabeth Warren’s Crypto Anti-Money Laundering Bill Faces Doubt
Senator Elizabeth Warren’s crypto Anti-Money Laundering bill has garnered attention in the crypto industry, but its chances of becoming law are uncertain. Warren has introduced hundreds of bills during her time as a senator, but only a few have been enacted. One example is the National POW/MIA Flag Act, which requires the display of the prisoner of war/missing in action flag on certain federal property. Warren’s Digital Asset Anti-Money Laundering Act aims to regulate crypto applications and firms under the Bank Secrecy Act. While the bill has bipartisan support, critics argue that it would effectively ban Bitcoin and other cryptocurrencies in the US by imposing compliance requirements on decentralized software.
Bill Seen as Threat to Crypto Industry
Opponents of Warren’s bill claim that it would stifle innovation and personal privacy. Alex Thorn, head of firmwide research at Galaxy Research, called it an “effective ban” on Bitcoin and crypto. He pointed out that requiring decentralized software to perform centralized compliance functions is impossible. Neeraj Agrawal, communications director at Coin Center, echoed these concerns, calling the bill a “direct attack on technological progress” and personal autonomy. He argued that the bill undermines liberal values and should be opposed in its entirety.
Hot Take: Uncertain Future for Warren’s Bill
While Senator Elizabeth Warren’s crypto Anti-Money Laundering bill has gained bipartisan support, its chances of becoming law remain uncertain. Critics argue that the bill would effectively ban Bitcoin and other cryptocurrencies in the US by imposing compliance requirements on decentralized software. They claim that such requirements are impossible for decentralized platforms to meet. Opponents also argue that the bill infringes on personal privacy and hinders technological progress. As with many bills introduced in Congress, the future of Warren’s bill is uncertain, and it remains to be seen whether it will gain enough support to become law.
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