NewsletterBreaking: Elizabeth Warren Hints At New Crypto Bill To Close ‘Loopholes’
Crypto Market News: After recently claiming that crypto payments were involved in the Chinese fentanyl trade, US Senator Elizabeth Warren on Saturday hinted at the possibility of introducing a bill that prevents such loopholes in the crypto industry. Earlier, CoinGape reported that Warren shared research data that backs claims that Chinese businesses are fueling the Fentanyl epidemic and getting millions of money in cryptocurrencies. The senator had in recent times attracted the ire of the crypto market community for her attacks on the industry. These attacks are besides the ongoing regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC) on crypto businesses.
Also Read: U.S. Advisory Warns Against Storing Funds On PayPal; Is Bitcoin The Safer Bet?
On the flip side, several United States politicians have in recent times voiced support for a fair and free crypto market ecosystem in the country. This is making it an increasingly divided political class of leaders opposing and supporting crypto in the lead up to the US presidential election 2024.
Elizabeth Warren Suggests Bill To Protect from Crypto Irregularities
Senator Warren had on Saturday hinted at having a bill that will close loopholes and apply rules to the crypto industry. She reiterated that crypto payments are involved in illicit activities like stealing funds, evading sanctions and financing terrorism. She added,
“It’s a big problem, but one we can fix. I have a bill that will close loopholes and apply common-sense rules to the industry.”
Recently, the Senator spoke about the concerns around the environmental impact and energy consumption of Bitcoin mining. She is often criticized in the crypto community for her close links with SEC Chair Gary Gensler, who is also a strong sceptic of crypto trade in the United States.
Also Read: Ethereum Advocate Predicts “Layer-2 Summer” Next Year; Which Tokens To Rally?
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