Cryptocurrency

Senator embarrasses herself in US cryptocurrency discussion | BitcoinDynamic.com

Elizabeth Warren Policy. Photo: Getty Images/Drew Angerer.

It is not new that Senator Elizabeth Warren makes unfounded criticisms of Bitcoin and other cryptocurrencies, especially on the issue of allegedly being tools for criminal activities.

At a US Senate hearing on Thursday, Warren questioned Russian oligarchs’ use of cryptocurrencies to avoid sanctions, but didn’t let Jonathan Levin, co-founder of Chainalysis, finish answering.

Watch the subtitled video below:

After this brief discussion, which could lead the senator to understand why she was wrong about cryptocurrencies, she leaves to ask questions to those who already agree with her view and concludes:

“So no one can argue that Russia can avoid all sanctions by moving all its assets to cryptocurrencies. But for Putin’s oligarchs, who are going to try to hide, you know, a billion or two, a few hundred million, cryptocurrencies seem like a very good option. And that’s why today I’m introducing my Digital Asset Sanctions Compliance Enhancement Act.”

As we previously reported, your bill targets cryptocurrency wallet developers, as well as exchanges and other market participants. According to the executives of the Coin Center, experts in the legal area that covers cryptoassets, this is an unnecessary, exaggerated and unconstitutional project.

For bitcoin analyst and trader Willy Woo, with around 1 million followers, the senator simply felt ashamed.

Willy Woo's Tweet About Elizabeth Warren
Willy Woo’s opinion on the attitude of the American lawmaker

It is not uncommon for lawmakers to be out of date and ill-informed on diverse issues when trying to write a law that affects the lives of millions of people, and this is just one more case.

Apparently Elizabeth Warren was not aware of the latest US Treasury report, which studied the main concerns of the use of crypto for money laundering, financing of terrorism and financing the proliferation of weapons. These were some of her conclusions:

“The use of virtual assets for money laundering remains far below fiat currency and more traditional methods.”

–The 2022 National Money Laundering Risk Assessment, page 41

“Terrorist use of virtual assets appears to remain limited when compared to other financial products and services.”

–The 2022 National Terrorist Financing Risk Assessment, page 23

“There is no evidence that a proliferation network used a virtual asset to acquire a specific proliferation-sensitive good or technology. [de armas]…”

–The 2022 National Proliferation Financing Risk Assessment, page 29

If America’s top official on illicit activities isn’t concerned about cryptocurrencies (and neither is the White House), why is the fake Indian senator?

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At a US Senate hearing on Thursday, Warren questioned Russian oligarchs’ use of cryptocurrencies to avoid sanctions, but didn’t let Jonathan Levin, co-founder of Chainalysis, finish answering.

Source: https://bitcoindynamic.com/news/senator-embarrasses-herself-in-us-cryptocurrency-discussion/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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