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Elizabeth Warren Cultivates Anti-Crypto Coalition (politico.com) 55

Posted by msmash from the how-about-that dept.
Warren is zeroing in on national security concerns as her focus for potential crypto legislation, even as she raises red flags about a host of issues in the space, from consumer protections to environmental impact. From a report: Sen. Elizabeth Warren is branding herself as the scourge of crypto. And she's not doing it alone. The progressive Massachusetts Democrat is starting to recruit conservative Senate Republicans to her anti-crypto cause and getting some early positive vibes from bank lobbyists, who also want to rein in digital asset startups. Warren has emerged as a lead lawmaker on crypto oversight and is trying to build support behind a bill that would have sweeping implications for the industry via tougher anti-money laundering restrictions, including requirements that more crypto service providers verify customer identities.

"I want to emphasize how good her office has been to work with," said Sen. Roger Marshall, the Kansas Republican who co-sponsored Warren's legislation. Crypto advocates are resisting Warren's push, and some dismiss her as an outlier. But her budding partnership with GOP lawmakers reflects broader forces that are poised to unite progressives and conservatives, watchdog groups and bankers, who share common cause in wanting to derail the unfettered growth of crypto. That's in stark contrast to last year, before the crypto market meltdown, when digital currency lobbyists had gained serious traction with lawmakers who drafted friendlier, bipartisan legislation with the industry's input. "It's up to the crypto sector to prove at this point that they're safe, secure and superior, and I don't think they've made that case," said Paul Merski, who leads congressional relations at the Independent Community Bankers of America.
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Elizabeth Warren Cultivates Anti-Crypto Coalition More

Elizabeth Warren Cultivates Anti-Crypto Coalition

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  • I understand the technology, and have no love for the snake oil around it. But when you see a political enemy run towards someone with forget you money with camera crews in tow, for entrainment purposes alone, it is worthy of paying attention to.

    • I'm no fan of Warren but when Kamala proposed some censorship idiocy while she was a failing 2020 Presidential runner, when asked about it Warren said hell no.

      Then again, maybe it's just because she's older, and remembers what free speech used to mean in this country.

      • Re:Love to see hated politican against FU money (Score:5, Interesting)

        by hdyoung ( 5182939 ) on Tuesday February 14, 2023 @04:22PM (#63293257)
        A lot of people dont realize that Warren was a republican for a long time. She didn’t like the results of unrestrained capitalism (because unregulated capitalism really does turn into a dumpster fire) and switched sides.

        She’s gone a bit over the optimal midpoint in my opinion, but she makes a lot of good points.

        Moderate, careful, thoughtful capitalist regulation is unsatisfying, boring, and makes for unprofitable clickbait. But its second-to-none for making an economy thrive.

  • Anti-this (Score:4, Insightful)

    by Impy the Impiuos Imp ( 442658 ) on Tuesday February 14, 2023 @04:40PM (#63293329) Journal

    I will listen to nothing about anti-laundering legislation until government passes a law that all money exchange firms (banks, Pay Pal, etc.) are required to support all legal transactions.

    After all, it says right there on your currency what it's good for.

    Making a market should not carry with it the power to deny. The People should not have to pay the price for the modern convenience of electronic transactions.

    • After all, it says right there on your currency what it's good for.

      Debts to the government, and debts to private parties that are being enforced through the courts...

      And... you knew that. But spewed the lie anyway. Says a lot about you.

      The funny part is you think the small gubermint you demand will force the banks to do whatever you want. The rug would get pulled out from under you so fast you wouldn't even see the ground coming.

      • Re: (Score:2)

        by BranMan ( 29917 )

        That's funny... .my bills all say "For ALL debts, public and private". Mine leave out the caveat you added: "Well, all private debts being enforced through court awards".

        To me, all debts means, well, all debts - regardless of source. Is there another legalese definition of "all" that I don't know about?

    • Yep. They can't kill crypto with regulation -- they need to come up with a better alternative. They won't though, because the establishment wants to control freedoms instead of enable legal commerce. Make no mistake, this isn't about consumer protection, it's about control.

  • Please use proper terms (Score:5, Insightful)

    by LeadGeek ( 3018497 ) on Tuesday February 14, 2023 @04:45PM (#63293339)
    The loose term "Crypto" is vague and covers a lot of ground. To a large number of us who weren't born yesterday, it refers to the mathmatical field of cryptography. The proper term to be used here is "cryptocurrency".

    • Re: (Score:2)

      by sconeu ( 64226 )

      If I had mod points, you'd get them. This sort of reporting is confusing, especially to laypeople.

      • When I said the exact same thing ages ago, I got modded down.

        Guess that's what I get for being ahead of my time or something.

        I even tried to find the comment with the goog, but I didn't turn it up immediately. I don't think they're ranking individual slashdot comments very high any more, just discussions.

    • No. the confusion works to their favor. As they manufacture consent along the confused term, they can also accomplish their wet dream of banning cryptography.
  • Nothing good about. It's just a waste of resources.

    • I agree. Cryptocurrency has no redeeming qualities, and should be taken behind the shed and shot. Congress doesn't have much common ground, but this one should be easy for everyone to get behind.

      • I'll agree with you on one point. We never should have allowed automobiles on the roads. Anyone who needs more than 4 horsepower must be up to no good, and hurrying to escape, knocking innocent victims over as they go.

        • Re: (Score:1)

          by ihxo ( 16767 )

          crypto solved a problem that doesn't exist. It's a get rich quick scheme, plain and simple.

          • Not true at all that cryptocurrency and related technologies are about solving a problem that doesn't exist.

            Smart-contract and distributed ledger technology, as it matures, has the potential to greatly reduce friction in economic activity and financial transactions generally. As well as to add a level of transparency, standardization, irrepudiation in financial and related legal matters which has not been seen before.
            Ultimately, it has the potential to reduce corruption, informality, delays, and other ineff

  • Big Chief Lie-in-Pants wants all the wampum for the feds.

    • I have only a very vague idea of what you just said. Assuming, though, that you're suggesting that someone wants to reserve the power to create and regulate currency solely to the Federal government, my response is: the U.S. Constitution reserves the power to create and regulate currency solely to the Federal government (Section 8).

  • I don't understand why the US Federal government wants to kill off crypto when stake-based coins like Ethereum give OFAC a huge amount of control over transactions that get processed...

    Its almost like they don't want to control Ethereum.

  • come get your idiot, get her out of my state

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