Elizabeth Warren proposed a bill that would make owning crypto wallet illegal

In a surprising turn of events, Senators Elizabeth Warren and Roger Marshall have proposed a bill that would make owning a crypto wallet illegal. This move runs contrary to the principles they campaigned on and could have far-reaching consequences for the crypto industry.

Senator Warren has been vocal about her disdain for cryptocurrencies, calling them “highly opaque” and “dangerous”. Her new bill, which she instigated, seeks to apply the same regulations that govern money transfer services like Western Union to the crypto industry. The problem is that these regulations were not designed with crypto in mind, and as a result, compliance is practically impossible for entrepreneurs and computer coders.

Warren’s plan to bring the police to people’s doors to enforce this new law is highly alarming. It sets a dangerous precedent for government intrusion and undermines the very principles of privacy and individual liberty that she and other progressives claim to champion.

Critics of the bill argue that Warren is being disingenuous when she claims that this legislation is about protecting national security. The reality is that the vast majority of crypto transactions are not used for illegal activities, and there are already tools in place to monitor suspicious activity. Instead, this bill seems to be more about protecting traditional financial institutions, which see crypto as a threat to their business.

What’s particularly concerning about Warren’s proposal is the potential for it to infringe on individual privacy. Under this legislation, the government would essentially have the ability to monitor all crypto transactions over $10,000. This is a level of surveillance that is unprecedented, and it sets a dangerous precedent for the future.

Moreover, Senator Marshall’s decision to co-sponsor the bill is equally concerning. Marshall, a self-proclaimed populist and Trump supporter, has betrayed his own principles by supporting a bill that could have a devastating impact on the crypto industry and its supporters.

Its proponents are hoping to convince national security conservatives that it is the answer to a perceived problem, despite having little understanding of how crypto works. Once the bill is passed, it could lead to the demise of the crypto industry, as innovation and development come to a grinding halt.

It’s clear that Warren and Marshall’s bill is not based on sound policy or a genuine concern for national security. Instead, it’s a thinly veiled attempt to undermine the crypto industry and infringe on individual rights. If this bill passes, it could set a dangerous precedent for government intervention and limit innovation in the crypto space. It’s time for lawmakers to reconsider their stance on crypto and work towards regulations that support innovation and individual liberty, rather then stifling it.

Source:

Verret, J. W. “Elizabeth Warren Wants the Police at Your Door in 2024.” Cointelegraph, 26 Apr. 2023, cointelegraph.com/news/elizabeth-warren-wants-the-police-at-your-door-in-2024.

Original link: Crypto Nook