Elizabeth Warren, a US senator, has once again voiced her opinion against cryptocurrencies. In one of her recent tweets, Warren promised to “build an anti-crypto army.” She is a well-known individual in the crypto community, as she has commented against the cryptocurrency industry several times in the past. Her comments, however, do not represent the whole US, nor do they represent the majority of the US. There are many US Senators and Congressmen that are pro-crypto and are exploring ways to further improve the industry.
Senator Warren tweeted a video where she partly revealed her plan if she gets re-elected. The video showcases Warren’s achievements throughout her current term. Among other things, her video shows a Politico article headline. The headline says “Elizabeth Warren is Building an Anti-crypto Army.”
I’m in this fight to put our government on the side of working families. Join our re-election campaign today: https://t.co/KuZwvrwkqT pic.twitter.com/fCUcqE9PZM
— Elizabeth Warren (@ewarren) March 29, 2023
Warren’s strong stance against cryptocurrencies comes from her concerns about the potential risks they pose to consumers. Moreover, she is concerned about financial stability and national security. This stems from the decentralized nature of cryptocurrencies as well as the volatility in the market. She has repeatedly highlighted the potential for fraud, money laundering, tax evasion, and much more illegal activity conducted through cryptocurrencies. Furthermore, she has raised environmental concerns due to the energy-intensive nature of Bitcoin.
United States Approach To Cryptocurrencies
Despite Warren’s opposition to cryptocurrencies, the United States has taken a more measured approach toward them. Regulatory agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have been working to establish a regulatory framework. This framework would address the unique challenges posed by cryptocurrencies while promoting innovation.
Since 2018, several congressmen have been working towards promoting cryptocurrencies and blockchain. The Blockchain Caucus, for example, a group of lawmakers, has been working to educate and develop policy proposals that support the growth of the crypto and blockchain industry. They have introduced and backed legislation aimed at providing regulatory clarity in the “grey area” where the crypto industry is positioned right now. Some attempts include the Token Taxonomy Act and the Digital Taxonomy Act.
In the past month, the SEC and the CFTC have been very active in cryptocurrencies. Tens of lawsuits have been initiated in just 30 days, with huge players including Justin Sun and Changpeng Zhao being accused of illegal activity as well. So, while the US is not completely against the crypto industry, regulatory bodies are continuously trying to protect the US customer.
