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Bitcoin

Bitcoin Ban Bill Exposed: Bankers’ Involvement Confession Surfaces

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Through 2023, Bitcoin and the crypto industry have faced increasing scrutiny from US Senator Elizabeth Warren, who has expressed concerns about the potential misuse of cryptocurrencies for illicit activities.

Now, the senator has highlighted the involvement of former military personnel, civilian government officials, and lawmakers in crypto organizations as a particular area of concern. 

However, advocates for the crypto industry argue that these individuals play a vital role in strengthening national security and fostering innovation.

Furthermore, the recent admission by a co-sponsor of Elizabeth Warren’s proposed “Bitcoin Ban Bill” or the Digital Asset Anti-Money Laundering Act has sparked further controversy. 

Bankers’ Involvement In “Bitcoin Ban Bill” 

The co-sponsor, US Senator Roger Marshall, revealed that bankers had assisted in drafting the Bitcoin Ban Bill, raising questions about the influence of financial institutions on the proposed legislation.

Related Reading: Cardano Development Training Concludes In This Region: A Milestone For IOG?

Senator Marshall defended the collaboration, stating that seeking input from the American Bankers Association was a step in the right direction to address concerns related to Bitcoin’s potential misuse. 

Marshall emphasized that the bill aimed to curb illicit activities associated with Bitcoin and other cryptocurrencies and reiterated the belief that crypto is a tool for criminals.

Military And Congress Members In Crypto Industry Under Scrutiny

Elizabeth Warren’s letter to industry groups and the Coinbase exchange further shed light on her concerns about former military or members of Congress working in the crypto industry. 

Warren accused certain crypto advocacy groups of utilizing a “revolving door” strategy by employing former defense, national security, and law enforcement officials. Warren raised questions about their involvement in undermining efforts to regulate crypto’s role in financing terrorist organizations.

In response, industry representatives, such as Kristin Smith, CEO of the crypto advocacy group Blockchain Association, defended the participation of former military and law enforcement professionals. 

Smith argued that these individuals collaborate closely with US law enforcement agencies to combat illicit activities rather than supporting criminal endeavors. Smith further stated:

As Americans, we all share the common goal of fighting terrorism and protecting our national security. Sen. Warren should focus her efforts on the perpetrators, not those working hand-in-hand with US law enforcement to catch bad actors… Today’s letter is yet another disappointing step taken by Sen. Warren to discredit our industry and the individuals who are working to build a more inclusive financial system and user-focused internet.

As the debate continues, policymakers must engage in constructive dialogue with the crypto industry. Collaboration between regulators, lawmakers, and industry experts can lead to balanced regulations that protect against illicit activities and foster innovation. 

Smith concluded that the crypto community remains committed to working with policymakers to build a secure and transparent ecosystem that benefits society.

Related Reading: ‘Ethereum To $10,000 Is Programmed’: Analyst Gives 11 Reasons Why
Bitcoin
The 1-day chart shows the total crypto market cap’s valuation at $1.54 trillion. Source: TOTAL on TradingView.com

According to CoinGecko data, the global cryptocurrency market has reached the $1.54 trillion mark, representing a remarkable 100.91% increase compared to the market cap recorded one year ago.

Bitcoin (BTC), the pioneer and largest cryptocurrency by market cap, stands as the dominant force with a market cap of $825 billion. 

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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