EddieJayonCrypto
14 Jan 25
Senator Elizabeth Warren wrote a 31-page letter to Treasury Secretary-designate Scott Bessent, proposing strict regulations for cryptocurrency. She highlighted concerns about money laundering and suggested tougher anti-money laundering (AML) regulations for digital assets. Warren also questioned the...
Senator Elizabeth Warren has written a 31-page letter to Treasury Secretary-designate Scott Bessent proposing strict regulations for cryptocurrency. In the letter, Warren emphasized concerns about money laundering and suggested tougher anti-money laundering (AML) regulations for digital assets. She also questioned the regulation of stablecoins and referenced the Treasury's recognition of the growing threat of crypto. Additionally, there have been accusations of Warren attempting to use a wildfire disaster for political gain.
In the section on anti-money laundering, Warren referenced a previous list of crypto crackdown requests she sent to Congress and reiterated arguments that crypto is used for criminal activities. She also questioned Bessent about his crypto holdings, specifically asking about the application of tougher AML regulations and whether the Office of Foreign Assets Control (OFAC) should have jurisdiction over dollar-denominated stablecoins.
Senator Warren's push to categorize digital assets and decentralized protocols in the same category as traditional finance and banking has faced opposition. Additionally, she has been accused of trying to use the California wildfire disaster for political fundraising.
This information was shared by Martin J. Young, an author covering cybersecurity and cryptocurrency. On Jan. 12, Senator Warren penned the letter and shared it with Alexander Grieve, the vice president of government affairs at Paradigm, who highlighted her immediate offensive approach towards Bessent, citing his lack of government experience.