Crypto Community Expresses Skepticism Over Elizabeth Warren’s Crypto Bill

The crypto community is up in arms over the US senator’s attempt to introduce a bill that skeptics say aims to curb cryptocurrency growth and innovation.

With the crypto community on edge after a tumultuous year that saw the insolvency of FTX and trouble at Binance, regulatory winds could well be on the horizon.

US Senator Elizabeth Warren introduced a new bill aimed at regulating cryptocurrencies.

On December 11, Warren introduced what is called the Digital Asset Anti-Money Laundering Bill.

He has already received the support of several senators Raphael Warnock (D-Ga.), Laphonza Butler (D-Calif.), Chris Van Hollen (D-Md.), John Hickenlooper (D-Colo.) and Ben Ray Luján. (DN.M.).

The new bill expands the provisions of the Bank Secrecy Act to include a wide range of counterparties to include not only miners and exchange validators, but also service providers, custodians, and crypto wallet entities.

The crypto community believes that the bill will not benefit the cryptocurrency industry and has reacted strongly against X.

According to Coin Center representative Neeraj K. Agrawal, the digital asset anti-money laundering law directly attacks technological progress and personal privacy. At the same time, he believes the bill should be strongly opposed.

Galaxy Research also believes that Warren’s proposed rules would effectively ban Bitcoin (BTC) in the US. However, in the comments, users noted that the bill would likely not receive passage.

Last week, the US House of Representatives Committee approved another bill aimed at supporting blockchain technology, which authorities have implemented as a way to spearhead a distributed ledger system in the US.

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