According to John E. Deaton, founder of Crypto-Law.us, 20% of the U.S. Senate is reportedly supporting an implicit ban on Crypto and Bitcoin.
This alleged consensus is seen as driven by Senator Elizabeth Warren of Massachusetts, who, in the eyes of Deaton, is utilising her reelection bid to shape and dominate the Crypto narrative.
Warren’s Campaign Against Crypto
Senator Elizabeth Warren has proposed legislation aimed at addressing her apprehensions regarding the purported misuse of digital currencies in illicit activities.
Her concerns encompass issues such as money laundering, drug trafficking, sanctions evasion, and more.
Senator Warren said:
“The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,”
Crypto as a Threat
Deaton also expressed his disapproval towards Senator Warren on X (formerly known as Twitter):
“She is the single biggest threat to freedom in the United States.”
His comments follow a cautionary post by Ryan Selkis, founder of Messari, who urges the crypto community not to underestimate Senator Warren’s potential influence on the industry.
Selkis notes that despite Senator Warren’s name possibly not appearing in the final anti-crypto bill, she remains a significant adversary for the crypto community.
This sentiment is echoed by Tom Dunleavy, CIO at MV Capital, who, in a post, highlights Senator Warren’s lack of success in sponsoring bills:
Implications for the Crypto Sector
The cryptocurrency sector stands at a juncture, facing escalating regulatory scrutiny on both national and global fronts.
The surging endorsement for an implicit ban on cryptocurrencies within the U.S. Senate has created ripples across the crypto community.
The potential realisation of such a ban holds extensive implications for the industry, impacting not only individual investors but also businesses, exchanges, and the broader financial landscape.
Amidst the debate over cryptocurrency regulation, the crypto market grapples with a climate of uncertainty.
Investors and industry stakeholders closely monitor U.S. Senate developments, recognising that the outcome of this regulatory clash will influence the future of cryptocurrencies in the country.
Reacting to perceived threats from figures such as Senator Warren and the increasing backing for an implicit cryptocurrency ban, the crypto community is actively mobilising resources and participating in lobbying endeavors.