Elizabeth Warren, a US senator known for her opposition to cryptocurrencies, has introduced the Digital Asset Anti-Money Laundering Act.
This bill, co-sponsored by Kansas senator Roger Marshall, is allegedly aimed at curbing the use of digital assets for illicit activities such as money laundering and terrorist financing.
However, critics warn that it could undermine the principles of personal sovereignty and freedom that crypto upholds, stifle innovation and endanger user privacy.
Critics argue that it is another instance of Warren's strategy of introducing anti-crypto bills for media attention and fundraising rather than for passage.
Warren's tactic is perceived as beneficial to the traditional banking industry, as her measures, if enacted, would potentially limit the growth and influence of cryptocurrencies.