Anti-Crypto a Poor Political Move for 2024: Coinbase CEO

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A video making rounds on social media shows Senator Roger Marshall openly sharing that he and Senator Elizabeth Warren sought help from the American Bankers Association (ABA), the biggest lobbying group for U.S. banks, when crafting the Digital Asset Anti-Money Laundering Act.

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In December 2022, a bill was introduced with the aim of imposing stringent banking regulations in the United States on various crypto technologies, including non-custodial wallets, validators, and mining pools.

Senator Roger Marshall revealed, “The first thing that we did is that we went to the American Bankers Association and said ‘Help us craft this’.” He also mentioned a meeting between Senator Elizabeth Warren and JPMorgan CEO Jamie Dimon, where they allegedly agreed that “crypto was only a tool for criminals.” This information was shared during a parliamentary security-intelligence forum earlier this month.

Disapproval of Anti-Crypto Stance Ahead of 2024 Elections

Coinbase CEO Brian Armstrong expressed disappointment with Senators Warren and Marshall, emphasizing that being anti-crypto is an unwise political move as the 2024 elections approach. Armstrong warned of the negative consequences, citing data that 52 million Americans have used crypto, and 38% of young people believe it can enhance economic opportunities.

In response to the video, finance lawyer Scott Johnsson suggested that dissatisfied voters focus on vulnerable seats that have supported Senator Warren’s anti-crypto efforts. Despite criticisms, the Digital Asset Anti-Money Laundering Act gained five new co-sponsors in the Senate on December 11, including three members of the Banking Committee.

The Bank Policy Institute (BPI), a U.S. banking advocacy group, has also backed Senator Warren’s anti-crypto legislation. Critics argue that digital assets are mainly used for illicit purposes, but Chainalysis reported that less than 0.2% of crypto is involved in such activities.

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It’s noteworthy that critics of crypto often overlook the prevalence of criminal activity in traditional finance, with JPMorgan alone paying nearly $40 billion in fines for various violations since 2000, according to Violation Tracker.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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