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Elizabeth Warren’s War on Crypto Continues with Suggestions for New Treasury Secretary
Senator Elizabeth Warren has reignited her campaign against the cryptocurrency industry by releasing a 31-page letter to newly appointed Treasury Secretary Scott Bessent, proposing harsh measures for crypto regulation.
As per the letter shared by Alexander Grieve, vice president of government affairs at Paradigm, Senator Warren immediately launched a scathing attack on Mr. Bessent, stating that he “has no government experience.” This is merely the latest chapter in her long-standing feud with the digital asset industry.
Senator Warren’s suggestions for the new Treasury Secretary include a secondary sanctions tool to sever US relationships with fintech and crypto operators deemed to be facilitating illicit finance. She also questioned whether the Office of Foreign Assets Control (OFAC) should have jurisdiction over dollar-denominated stablecoins.
In her letter, Senator Warren emphasized that the Treasury Department had previously recognized the growing threat posed by cryptocurrencies in November 2023, when it proposed five legislative initiatives aimed at combating illicit finance linked to digital assets. These proposals included an amendment to the Bank Secrecy Act to categorize crypto exchanges, unhosted wallets, decentralized finance (DeFi), and blockchain validators as “financial institutions.”
Senator Warren’s continued efforts to regulate cryptocurrency resemble a war on crypto, with her consistently advocating for the integration of traditional financial systems into the digital asset space. Some critics have labeled her an “anti-American” liar and scammer.
The senator has been accused of using California wildfire disaster for political gain, following a recent revelation that she posted a call-to-action to support the Los Angeles Fire Department Foundation on January 11, only to direct users to ActBlue, a Democrat fundraising platform that allegedly takes commissions from donations.
Source: cryptopotato.com
