Big banks have reportedly played a role in the drafting of a controversial anti-crypto bill by United States Senators Roger Marshall and Elizabeth Warren. In a video that surfaced on social media, Senator Marshall admitted that he and Senator Warren sought assistance from the American Bankers Association (ABA) in crafting the Digital Asset Anti-Money Laundering Act. The proposed legislation aims to subject various aspects of crypto technology to strict banking regulations in the US.
The involvement of big banks in the drafting of the bill has raised concerns among crypto advocates. Coinbase CEO Brian Armstrong expressed disappointment in Senators Warren and Marshall for aligning themselves with banks and warned that being anti-crypto could be a poor political strategy in the upcoming 2024 elections. He highlighted the growing popularity of crypto among Americans and the belief among young people that it can create economic opportunities.
Meanwhile, finance lawyer Scott Johnsson suggested that voters who are unhappy with Senator Warren’s stance on crypto should focus on vulnerable seats that have supported her efforts. The bill has gained additional support from five new Senators, including three members of the Banking Committee. The Bank Policy Institute (BPI), a US banking advocacy group, has also backed the anti-crypto legislation introduced by Senator Warren.
It is worth noting that critics of crypto often claim that digital assets are primarily used for illicit activities, despite evidence to the contrary. Blockchain analysis platform Chainalysis has shown that less than 0.2% of crypto is involved in illicit purposes. Additionally, critics fail to acknowledge the level of criminal activity in traditional finance, with JPMorgan being one of the most heavily fined banks. The bank has paid nearly $40 billion in fines for various violations since 2000.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | very negative |
| Relevance Score | 1 |
| People | Brian Armstrong, Roger Marshall, Elizabeth Warren, Scott Johnsson, Jamie Dimon |
| Companies | JPMorgan, American Bankers Association, Bank Policy Institute, Chainalysis, Coinbase |
| Currencies | None |
| Securities | None |
