A current transfer was the introduction of the Digital Asset Anti-Cash Laundering Act, one other invoice aiming to curtail using cryptocurrencies in America.
On Dec. 11. the invoice gained 5 new Senators as cosponsors, together with, unsurprisingly, three members of the Banking Committee.
Crypto advocate Evan Van Ness posted a listing of Senators he claimed have been “paid off by the banks to cosponsor Elizabeth Warren’s anti-crypto bill,”
A listing of US senators paid off by the banks to cosponsor Elizabeth Warren’s anti-crypto invoice
* @RaphaelWarnock (D-GA)
* @LaphonzaB (D-CA)
* @ChrisVanHollen (D-MD)
* @Hickenlooper (D-CO)
* @benraylujan (D-NM)
* @RogerMarshallMD (R-KS)
* @JoeManchinWV (D-WV)Checklist continues 👇
— Evan Van Ness 🧉 (@evan_van_ness) December 11, 2023
As if confirming the notion, Warren said,
“When it comes to banking policy, I don’t usually agree with the CEOs of multi-billion dollar banks. But enforcing anti-money laundering rules against crypto to protect national security is common sense and critical.”
Banning Bitcoin in America
Neeraj Agrawal from cryptocurrency coverage suppose tank Coin Middle stated the invoice was a “direct attack on technological progress and also a direct attack on our personal privacy and autonomy.”
He added that the invoice could also be a possible resolution to cash laundering and terrorism financing however:
“The bill is in fact a repudiation of liberal values and a move towards the types of surveillance and control prized by authoritarians like Vladimir Putin, Xi Jinping, and Kim Jong-un.”
The Digital Asset Anti-Cash Laundering Act is a direct assault on technological progress and in addition a direct assault on our private privateness and autonomy.
Make no mistake, whereas proposed as an answer to potential cash laundering and terrorist financing, the invoice is actually a… pic.twitter.com/8oID1wECGL
— Neeraj Ok. Agrawal (@NeerajKA) December 11, 2023
The invoice goals to tighten America’s cash laundering guidelines by classifying crypto corporations, miners, and functions, equivalent to non-custodial wallets, the identical as monetary establishments underneath the Financial institution Secrecy Act.
Head of analysis at Galaxy, Alex Thorn, said the invoice was successfully a ban on BTC in the US.
“Requiring non-custodial open-source software to perform bank-like compliance is *the big attack* Bitcoin’s enemies have always threatened. It’s impossible for Bitcoin Core, for example, to comply with this, so it amounts to an effective ban of Bitcoin in the USA.”
He added that these guidelines “effectively ban crypto in America,” essentially undermining the core innovation itself – peer-to-peer digital money.
Dont Panic But
Nevertheless, MV Capital companion Tom Dunleavy identified that the overwhelming majority of Senator Warren-sponsored payments over the previous few years haven’t handed Congress.
Bitcoin pioneer Jameson Lopp stated that in her decade as a senator, Elizabeth Warren has launched 315 payments. “Only one has been enacted into law,” he famous earlier than including, “That’s a 0.32% success rate.”
Warren sponsored:
36 payments within the 118th congress (2023-24). 0 handed.
103 payments within the 117th congress (2021-22). 0 handed.
98 payments within the 116th Congress (2019-20). 0 handed.
80 payments within the one hundred and fifteenth congress(2017-18). 0 handed.
27 payments within the 114th congress. (2015-16). 0 handed. https://t.co/Tyyjw7F7V9— Tom Dunleavy (@dunleavy89) December 11, 2023
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