Elizabeth Warren’s War on Crypto Continues With Suggestions for New Treasury Secretary

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On January 12th, Senator Elizabeth Warren, who serves as the ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, wrote a detailed 31-page letter to the incoming Treasury Secretary, Scott Bessent, advocating stringent regulations for cryptocurrencies.

In a communication, Alexander Grieve, Vice President of Government Affairs at Paradigm, highlighted that Bessent swiftly took a defensive stance, remarking that she lacks any prior governmental experience.

1/ Senator Warren just sent a lengthy letter to Treasury Secretary-designate Scott Bessent.

Beyond your extensive background in finance, managing hedge funds and raising significant funds for political campaigns, it’s worth noting that you have not held any prior government positions.

— Alexander Grieve (@AlexanderGrieve) January 13, 2025

Crypto Warpath Continues

In the anti-money laundering section, Warren (who was elected in November by defeating John Deaton) pointed out a list of requests to curb cryptocurrency she had sent to Congress towards the end of 2023. Furthermore, she emphasized a recurring point that cryptocurrencies are often used by criminals.

It’s becoming more common for unscrupulous individuals to use digital currencies like cryptocurrency for activities such as money laundering, bypassing financial sanctions, and funding serious national security issues.

Additionally, she posed a series of inquiries to Bessen, a person known to possess significant Bitcoin ETF shares valued up to half a million dollars, about the enforcement of stricter Anti-Money Laundering (AML) guidelines, particularly within the realm of digital assets.

She wondered if it would be beneficial for the Treasury department to possess a tool that could disconnect financial technology and cryptocurrency companies from their U.S. affiliations as a secondary measure.

Additionally, she inquired if the authority over dollar-backed stablecoins should extend to the Office of Foreign Assets Control (OFAC).

Warren mentioned that, under the Biden Administration, the Treasury Department acknowledged the increasing danger posed by cryptocurrencies. By November 2023, they presented five legislative suggestions aimed at empowering the department to fight financial crimes associated with digital assets.

This involved modifying the Bank Secrecy Act to incorporate a fresh category for “financial institutions” in the cryptocurrency sphere, encompassing crypto exchanges, unhosted digital wallets, Decentralized Finance (DeFi) platforms, and blockchain verifiers.

Senator Warren advocates for grouping digital assets and decentralized systems together with conventional finance and banking, a stance that not everyone supports.

Elizabeth Warren is often criticized as being among the most controversial figures in modern U.S. politics. Many view her as unpatriotic, prone to deceit, and with a history of questionable actions. If you believe Trump should direct the Department of Justice to investigate and potentially prosecute Warren for her alleged wrongdoings, please share this post!

— Mike Alfred (@mikealfred) January 12, 2025

Scamming Scandal?

This week, allegations have surfaced that Elizabeth Warren tried to exploit the California wildfires for political advantage.

On January 11th, she shared a request encouraging aid for the Los Angeles Fire Department Foundation. Yet, it emerged later that the linked resource wasn’t associated with the charity or foundation, but rather with ActBlue – a Democratic fundraising platform known to receive a percentage of donations as commission.

BREAKING: Elizabeth Warren has been caught trying to scam her supporters.

— aka (@akafacehots) January 12, 2025

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2025-01-14 21:26