Potential Support for Elizabeth Warren’s Bill to Regulate Crypto
According to legal expert John E. Deaton, 20% of the US Senate has already agreed to support United States Senator Elizabeth Warren’s bill aimed at tightening regulations in the cryptocurrency industry. Deaton made this statement on Twitter, highlighting the potential impact of Warren’s bill on the crypto sector.
Risk of Crippling the Crypto Industry
Ryan Selkis, CEO of crypto market intelligence platform Messari, warned that the crypto industry should not underestimate Senator Warren’s ability to cripple it in the US. He emphasized that even if her name is not on the final bill, she still poses a significant threat to the industry.
Tom Dunleavy, former senior analyst at Messari, pointed out that none of Warren’s bills related to crypto have passed in Congress since 2015. This raises doubts about the likelihood of her recent bill being successful.
Political Support for Warren’s Bill
Deaton listed some politicians who support Warren’s bill, including Lindsay Graham (Republican), Angus King (Independent), and Joe Manchin (Democrat turned Independent). However, there are also politicians like Ted Cruz and Cynthia Lummis who are unlikely to allow the bill to survive.
The National Narrative and Future Legislation
Deaton emphasized that it’s not just about this specific bill but also about how it shapes the national narrative around cryptocurrencies. He mentioned that certain aspects or language from this bill could influence future legislation. Deaton also speculated that if Warren and Democrats win key positions in 2024, legislation could pass in 2025.
Expansion of Efforts to Regulate Crypto
Warren recently announced an expanded coalition of support for the Digital Asset Anti-Money Laundering Act, accelerating efforts to regulate the crypto space and address financial risks associated with it.
Hot Take: Elizabeth Warren’s Bill Raises Concerns for the Crypto Industry
Elizabeth Warren’s bill to tighten regulations in the cryptocurrency industry has garnered significant support in the US Senate. With 20% of senators already backing the bill, there is a real possibility that it could have a detrimental impact on the crypto sector. Experts warn that Warren’s bill, even if not passed as is, could shape future legislation and control the national narrative surrounding cryptocurrencies. The industry should not underestimate Warren’s potential influence and should be prepared for potential challenges in the regulatory landscape. As efforts to regulate crypto continue to gain momentum, it remains crucial for stakeholders to engage in constructive dialogue and advocate for balanced regulations that promote innovation while addressing financial risks.
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