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    Home»News»Policy & Economy»US Senator, Elizabeth Warren, Proposes Extreme Crypto Bill
    Policy & Economy

    US Senator, Elizabeth Warren, Proposes Extreme Crypto Bill

    Anietie DavidBy Anietie DavidDecember 16, 2022Updated:December 16, 2022No Comments2 Mins Read
    US Senator, Elizabeth Warren, Proposes Crypto Bill Towards Digital Dictatorship 
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    US Senator Elizabeth Warren wants to eradicate all privacy from digital transactions. Wallets, nodes, and validators to be treated as “money service businesses.”

    A Democrat who has a strong anti-crypto stance has published her draft crypto legislation. However, it is rife with glaring flaws that make it very evident that she is ignorant of the underlying technology. The Financial Crimes Enforcement Network will be obligated by the bill to provide guidance on digital assets. She wants to treat the sector and asset class as criminal organizations.

    That was the politician’s most recent outburst of hatred towards the cryptocurrency sector and everyone associated with it.

    A broad variety of rules under the “Digital Asset Anti Money Laundering Act of 2022” eliminate any financial privacy. Warren wants to label wallets, nodes, and validators as “money service businesses,” demonstrating a shocking lack of understanding of the technology. Validators and nodes are pieces of software that authenticate blockchain transactions, they are not businesses.

    Additionally, those organizations would have to register as financial institutions, just like in traditional finance and banking. As a result, they would have to track down and collect personal data from each user of their product.

    Additionally, they would be required to report on their users without a court order, official request, or strong evidence. According to Elizabeth Warren, it would also be unlawful for these “financial institutions” to conduct any transactions using networks or privacy-enhancing techniques.

    Rogue nations, oligarchs and drug lords are using crypto to launder billions, evade sanctions and finance terrorism. My bipartisan bill puts common-sense rules in place to help close crypto money laundering loopholes and protect our national security.https://t.co/n69LZfX8zX

    — Elizabeth Warren (@SenWarren) December 14, 2022

    The Crypto Community Reacts 

    According to the research and advocacy group CoinCenter in Washington, DC, nothing in the law will stop the next FTX and it actually increases consumer risk. It further stated that Americans will not be allowed to have any technical safeguards of their personal privacy.

    “The bill has been deliberately crafted to make permissionless blockchains unavailable to Americans by forcing all validators and developers of these networks to gate and surveil their infrastructure.”

    Industry expert Ryan Sean Adams called it the most “significant attack on digital freedom” he’s ever seen. Moreover, he pointed out that the bill aims to ban financial privacy and turn America into a full-on surveillance state.

    Instead of doubling down on the values of our constitution we're fast-following China into a half-assed digital authoritarianism.

    Crypto forces the choice:

    Will we choose freedom or will we follow the authoritarians?

    We better choose fast cause right now we suck at both.

    — RYAN SΞAN ADAMS – rsa.eth 🏴🦇🔊 (@RyanSAdams) December 14, 2022
    Blockchain Cryptocurrency Elizabeth Warren Policy
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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