US Senator Elizabeth Warren once again criticized the cryptocurrency industry in her latest interview, emphasizing that it should be subject to the same regulations as traditional finance.
Senator Elizabeth Warren Calls for Cryptocurrency Regulation to Follow Traditional Financial Rules
Warren, who has expressed a willingness to collaborate with industry leaders, expressed frustration with their apparent resistance to regulatory oversight.
“I want to collaborate with the industry, what I don't understand is why the industry seems to be saying the only way they can survive is if there's plenty of room for drug smugglers and human traffickers, terrorists, ransomware scammers and consumer scammers,” Warren said during the interview.
The senator underlined the importance of uniform regulatory standards, pointing out that all participants in the US financial system are expected to follow the same rules.
Warren's sentiments echo the proposed “Digital Asset Anti-Money Laundering Act” bill, which aims to subject various crypto assets, including miners, validators, and wallet providers, to anti-money laundering requirements.
The bill, introduced by Warren last year, initially gained traction and support. However, its progress stalled because the Senate Banking Committee was preoccupied with other legislative matters.
Warren's persistent advocacy for cryptocurrency regulation reflects a broader debate within the U.S. government about the appropriate regulatory framework for digital assets.
While advocates argue that regulation is necessary to prevent illegal activity and ensure consumer protection, critics warn against stifling innovation and hindering the industry's growth.
*This is not investment advice.