Warren The “Biggest Threat” To Crypto In The US
Pro-XRP legal John Deaton recently expressed his concerns about the biggest threat to the crypto industry in the United States. Surprisingly, it is not SEC Chair Gary Gensler but Senator Elizabeth Warren. Deaton pointed out that Gensler takes his orders from Warren, making her the real threat.
Deaton’s comments were in response to lawyer Joe Carlasare’s post on X, where he mentioned that Warren’s bill, the ‘Digital Asset Anti-Money Laundering Act,’ had a high chance of being passed. Deaton acknowledged the significance of this bill and its potential impact on the crypto industry.
Warren’s Bill Is An “Unconstitutional Assault” On The Industry
The Digital Asset Anti-Money Laundering Act has received criticism from Coin Center, a non-profit organization focused on cryptocurrency policy issues. They described the bill as an “opportunistic, unconstitutional assault” on digital assets and industry stakeholders.
Coin Center argued that this legislation would not prevent future incidents like FTX but would instead increase risks for users. One key aspect of the bill is subjecting decentralized crypto products and stakeholders to Know Your Customer (KYC) rules.
Alex Thorn, Head of Firmwide Research at Galaxy Digital, also criticized the bill, stating that non-custodial and decentralized software cannot perform centralized compliance functions effectively. He believes that the bill will ultimately lead to the outlawing of crypto in America.
Hot Take: Warren Poses a Significant Threat to Crypto
Sources suggest that Senator Elizabeth Warren is currently the most significant threat to the crypto industry in the United States. Her proposed bill, the Digital Asset Anti-Money Laundering Act, has garnered support from several US Senators. However, critics argue that the bill is unconstitutional and could put users at greater risk without effectively addressing illicit finance concerns. With Warren’s aversion to cryptocurrencies, many suspect that her intentions behind introducing the bill may not be in the industry’s best interest. As the bill progresses, it remains to be seen how much support Warren can gather from other Senators.
By
By
By
By
By