On Jan. 12, ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, Elizabeth Warren, penned a 31-page letter to Treasury Secretary-designate Scott Bessent suggesting harsh measures for crypto regulation.
The letter was shared by the vice president of government affairs at Paradigm, Alexander Grieve, who pointed out that she was instantly on the offensive, saying that Bessent has “no government experience.”
1/ Senator Warren just sent a lengthy letter to Treasury Secretary-designate Scott Bessent.
Aside from some eyeroller lines (“Although you have had a lengthy career in the financial sector as a hedge fund manager and have been a major campaign fundraiser, you have no government… pic.twitter.com/sbeI3Zuc0M
— Alexander Grieve (@AlexanderGrieve) January 13, 2025
Crypto Warpath Continues
In the section on anti-money laundering, Warren, who defeated John Deaton in the November election, referenced the list of crypto crackdown requests she sent to Congress in late 2023, he noted. She also reiterated the well-worn arguments that crypto is for criminals:
“Bad actors are also increasingly turning to cryptocurrency to enable money laundering, sanctions evasion, and to finance major national security threats,”
She also asked Bessen, who has disclosed ownership of spot Bitcoin ETF holdings worth as much as $500,000, several questions regarding the application of tougher AML regulations, especially for digital assets.
“Should the [Treasury] agency have a secondary sanctions tool that would allow it to sever fintech and crypto operators from US relationships?” she asked.
She also asked whether the Office of Foreign Assets Control (OFAC) should have jurisdiction over dollar-denominated stablecoins.
Warren said that the Treasury, under the Biden Administration, “recognized the growing threat of crypto.” In November 2023, it outlined five legislative proposals that would help the agency “combat illicit finance related to digital assets.”
These included amending the Bank Secrecy Act to include a new crypto-related category of “financial institution” that would include crypto exchanges, unhosted wallets, decentralized finance (DeFi), and blockchain validators.
Senator Warren has continued her push to lump digital assets and decentralized protocols in the same category as traditional finance and banking. Not all are in agreement with the banking Senator, however.
Elizabeth Warren is one of the worst politicians in American history. She is anti-American, a dishonest liar, and a proven scammer. Please like and retweet if you think Trump should instruct the DOJ to prosecute her for her crimes.
— Mike Alfred (@mikealfred) January 12, 2025
Scamming Scandal?
Elizabeth Warren has also been accused this week of attempting to use the California wildfire disaster for political gain.
On Jan. 11, she posted a call to action for supporting the Los Angeles Fire Department Foundation. However, it was revealed that the link provided was not for the charity or foundation but for a Democrat fundraising platform called ActBlue that reportedly takes commissions from donations.
BREAKING: Elizabeth Warren has been caught trying to scam her supporters. pic.twitter.com/nBHgPekrwB
— aka (@akafacehots) January 12, 2025
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