U.S. Senator Elizabeth Warren, the most prominent opponent of crypto in Washington D.C.

The Massachusetts Democrat is not shy about playing this role. She has become a vocal skeptic over the years. She’s cast doubt on the promises of the crypto industry during Senate hearings, and introduced bills that would tighten the guardrails for some aspects.

After the failure of FTX and Silicon Valley Bank, as well as other catastrophes in the industry Senator Warren seems to be more comfortable acting as the face for Congress’ criticism against the industry. Crypto’s cheerleaders, on the other hand, seem to be perfectly happy to portray Warren as an enemy (or tweet at).

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She said that “big time financial criminals are fond of crypto” during a Senate hearing in February on crypto. The crypto market took in a href=”https://www.coindesk.com/business/2023/02/27/crypto-crime-hit-alltimehigh of206b in-2022″>u>a February Senate hearing on crypto/u>/a>. The crypto market took in $20 Billion in illicit transactions last year and that’s just the part we are aware of.”

In 2023, Warren a href=”https://www.coindesk.com/policy/2023/04/11/sen-warren-rep-aoc’s send letters to circle blockfi asking why they banked at svb/”>u>wrote/u>/a>. He also led Congressional lawmakers in pushing the administration on crypto-backed terrorism. In 2023 Warren sent letter asking crypto companies about their banking practices and national security, and Treasury Department officials asking how they will track crypto crime

She is working on the Digital Asset Anti-Money Laundering Act. This bipartisan legislation has the support of Senate heavyweights . Growing support for the bill could indicate more movement in next year.

Warren’s history is rich. Her most notable regulatory victory was her lobbying on behalf of what was eventually created as the U.S. Consumer Financial Protection Bureau. This independent agency was tasked to ensure financial institutions weren’t defrauding and taking advantage U.S. citizens that was formed following the 2008 Financial Crisis.

The CFPB goals seem to align with the stated goals of some crypto industries to provide banking services to under- and unbanked people. In Warren’s view, however, scams and losses are more important than aspirational claims.

She said that some in the crypto-industry believe that anti-money-laundering rules can be effective as long as they exclude so-called decentralized financial intermediaries – crypto exchanges and lenders that operate on code. “The rules must be simple.” “The same type of transaction, same risk, means that the same type of rules.”

Ben Schiller is the editor.