Elizabeth Warren is back with an Anti-Money Laundering act that would — among other things — make it mostly illegal for you to use your own crypto wallet.
Highlights
- Massachusetts Senator Elizabeth Warren is trying to make Americans more dependent on big banks.
- Warren vowed in February to reintroduce the Digital Assets Anti-Money Laundering Act, a proposal that went nowhere when she first introduced it with Kansas Senator Roger Marshall in December 2022.
- Warren is wrong when she says that cryptocurrency is “the method of choice for international drug traffickers” and terrorists.
- Only about $10 billion or less in cryptocurrency is involved with money laundering each year, compared with between $800 billion and $2 trillion laundered in conventional currencies.
- The bill is particularly harsh on decentralized finance (DeFi), including noncustodial ones.
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