Senator Elizabeth Warren U.S. Treasury Minister Of Finance's Decree To Do Anything For The Sake Ofliciting The Cryptocurrency Industry

Senator Elizabeth Warren. (Photo; Doc. Times of Israel)

JAKARTA Massachusetts Senator Elizabeth Warren proposed regulating the crypto industry, by prioritizing national security as the main focus of legislative potential. He and his coalition called this industry a threat to national security. In addition, Warren also highlighted consumer protection issues, sanctions avoidance, and environmental impact as things to regulate.

According to a report from Politico, Warren is concerned that the crypto industry has lobbying forces and insiders in Washington struggling against bipartisan rules to prevent crypto money laundering by criminals and bad countries like Iran and North Korea. Warren said that there is no reason why cryptocurrencies should have lower standards and not comply with the same rules for the same activity.

Warren's senator spokesman, Alex Sarabia, outlined that the crypto industry has lobbying forces and insiders in the government to fight against government-solved rules.

"The crypto industry has lobbying forces and Washington insiders struggling against bipartisan rules to prevent crypto money laundering by criminals and bad countries like Iran and North Korea... there is no reason why cryptocurrencies should have lower standards and not comply with the same rules for the same activities to address the same risks," Sarabia said.

As a Senate member, Warren believes that regulators already have the necessary tools to combat consumer fraud, but "money laundering is in different spaces." He highlighted that current legal structures are not sufficient to regulate the crypto industry, so stricter regulations are needed to avoid crypto fraud, fraud, theft and avoid crypto.

Warren's agenda for regulating crypto has attracted the attention of officials from various circles, including a Republican from Louisiana, John Kennedy, who said he was concerned about former FTX CEO Sam Bankman-Fried and his lobbying efforts in Washington before the exchange finally collapsed.

Selain itu, anggota Partai Republik dari Kansas, Roger Marshall, yang juga bergabung dengan Warren, mengatakan bahwa sebagai seorang dokter, ia percaya bahwa risiko kripto lebih besar daripada manfaatnya.

The crypto industry has indeed become a hot topic to talk about, along with rising popularity and cryptocurrency prices. However, concerns about national security, money laundering, and environmental impacts are the main reasons why some members of Congress and senators propose stricter regulations.

Warren argues that strict rules are needed to protect consumers and investors, avoid crypto abuse by criminals and bad countries, and ensure the security and stability of the United States' financial system.