- United States Senator Elizabeth Warren has voiced concerns about the crypto industry.
- Warren condemned the use of cryptocurrencies by malicious actors to fund illicit activities.
- The senator is not the only figure to recently voice criticisms against the industry.
The cryptocurrency industry has often faced criticism from traditional financial players and political figures, who argue that it is merely a tool for criminals to bypass the law and facilitate illicit transactions.
Once again voicing her apprehensions is United States Senator Elizabeth Warren, who has now declared cryptocurrencies a threat to the United States.
U.S. Lawmakers Slam Crypto
In an appearance on CNBC on December 7, Senator Warren asserted that cryptocurrencies constitute a financial system exploited by terrorists for numerous illicit activities.
Her statement came on the heels of JP Morgan CEO and longtime crypto opponent Jamie Dimon’s slander of the industry.
Warren advocated for tougher regulatory standards on the industry, under the claims that the asset class is an “attractive financial tool for terrorists, drug traffickers, and rogue nations.”
Citing the notorious North Korean hacker group Lazarus, renowned for their malicious acts of fraud to facilitate terror funding for the country, she emphasized, “North Korea is using it to fund about half of its nuclear weapons program. We can’t allow this to continue.”
When asked her opinion about the anticipated Bitcoin ETF approval from the SEC, Warren stated that her call is for intensified law enforcement on the industry while respecting the commission’s regulatory approach to maintaining investor protection.
Senator Warren called on the U.S. Congress to implement Bank Secrecy Act-like regulations on crypto, aiming to curb the progression of illegal financial activities within the industry.
The DoJ’s legal case against Binance has intensified with a new court ruling. Read more:
Ex-Binance CEO CZ Mandated To Remain In the U.S Until Trial
Read more to learn more about Dimon’s opposition to the industry:
JPMorgan CEO James Dimon Calls Crypto “Decentralized Ponzi Schemes”