Salyn Buzarquis, a Paraguayan senator, blasted the National Power Administration of Paraguay (ANDE), stating that high-ranking officials charged illegal bitcoin mining farms for operating underground. Buzarquis stated these unnamed officials collected up to 0,000 in bribes monthly and called for the resignation or interrogation of ANDE’s President Felix Sosa on this matter. Senator States National […]
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Utah Senator Seeks to Abolish Federal Reserve
Republican Senator Mike Lee from Utah has introduced legislation to abolish the U.S. central bank and its Board of Governors. Lee contends that the U.S. Federal Reserve has “repeatedly failed” the American public and argues for its dissolution. Federal Reserve Targeted for Abolition by Senator Mike Lee Following the lead of House Representative Thomas Massie […]
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Senator Ted Cruz Acquires 3 Bitcoin ASIC Miners, Begins ‘Hashing’ in Texas
Republican Senator Ted Cruz from Texas has announced that he purchased three application-specific integrated circuit (ASIC) bitcoin miners. “I just bought 3 Bitcoin miners that started hashing today in Iraan, TX,” the Senator stated on X this week. “I’m proud to join the ranks of Texas bitcoin miners,” he added. Cruz is an ardent advocate […]
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Wyoming Senator Cynthia Lummis Castigates US President Joe Biden’s Veto
U.S. Senator for Wyoming Cynthia Lummis has castigated President Joe Biden over his decision to veto a measure that would disapprove the Securities and Exchange Commission’s Staff Accounting Bulletin No. 121 (SAB 121). Lummis said the measure known as H.J. Res. 109, which had bipartisan support in the U.S. Congress, was intended to end the […]
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Wyoming Senator Slams DOJ’s Take on Non-Custodial Crypto Software, Vows to Protect User Rights
Wyoming’s Republican Senator Cynthia Lummis has responded to the Department of Justice’s (DOJ) latest argument regarding non-custodial software. Lummis’s remarks follow the DOJ’s reply brief on the indictment against Tornado Cash developer Roman Storm’s motion to dismiss. Senator Lummis Questions DOJ’s Non-Custodial Wallet Stance, Cites Legal Misinterpretations Senator Cynthia Lummis, a staunch advocate of cryptocurrency, […]
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US Senator Says ‘So Much Appeals to Me About Bitcoin’
U.S. Senator Marsha Blackburn has revealed that there is “so much that appeals” to her about bitcoin. She explained that as we move forward and people are more comfortable with the cryptocurrency, “there will be more transactions in your daily life where bitcoin is accepted as a form of payment.” Senator Blackburn on Benefits of […]
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US Senator Elizabeth Warren Comments Digital Assets Are Used to Evade Economic Sanctions
U.S. Senator Elizabeth Warren criticized the illegal use of cryptocurrency assets by bad actors. Commenting on a report issued by the U.S. Government Accountability Office (GAO), Warren declared that “rogue nations are using crypto to dodge sanctions and undermine our national security,” calling to establish increased money laundering rules on these assets.
U.S. Senator Elizabeth Warren: ‘Rogue Nations Are Using Crypto to Dodge Sanctions’
Elizabeth Warren, a U.S. senator, has commented on the role digital assets fulfill for bad actors, which use them to sidestep sanctions established by the U.S. government. In a post on X, Warren criticized the use of these tools for these purposes, calling for establishing controls that would contribute to diminishing this use.
Commenting on a U.S. Government Accountability Office (GAO) that examines the use of digital assets to evade sanctions, Warren stated:
A new U.S. GAO report confirms that rogue nations are using crypto to dodge sanctions and undermine our national security.
The report, issued in December, found that “digital assets like bitcoin and other virtual currencies pose risks to implementing and enforcing U.S. sanctions” but that the agency could mitigate some of these risks, given that “many digital assets are recorded on a public ledger, which may enable U.S. agencies and analytics firms to trace transactions and potentially identify illicit actors.”
Warren got hit by a community note on X, clarifying that the U.S. Treasury’s National Money Laundering Risk Assessment report confirmed that fiat was the preferred currency for financial crimes. Nonetheless, Warren called for “crypto to follow the same anti-money laundering rules as everyone else,” promoting her own Digital Asset Anti-Money Laundering Act, which would apply Bank Secrecy Act (BSA) rules to several elements of the crypto tech stack.
Warren also got criticized by several actors in the cryptocurrency industry. Coinbase CLO Paul Grewal blasted the referred report, stressing that it was made with “zero comparative analysis” just to “harangue an industry that spends millions and millions to follow the law.”
What do you think about Sen. Warren’s statements? Tell us in the comments section below.
US Senator Marco Rubio Warns BRICS Expansion Threatens Western Sanctions’ Effectiveness
Florida Senator Marco Rubio expressed his worries about the increasing influence of BRICS, the international group, in the world’s economic system. According to Rubio, if the group keeps expanding, it will be a valid alternative to the current system, allowing nations to sway away from the U.S. dollar and unilateral sanctions.
Senator Marco Rubio Alerts About BRICS Influence in World Economics
The BRICS group, formed by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, might threaten the supremacy of the U.S.-led financial system in the future.
Senator Marco Rubio from Florida acknowledged that the continued expansion of this group might interfere with the ability to exert sanctions on other nations. In a recent article, Rubio stated that the recent addition of Saudi Arabia, the United Arab Emirates, Ethiopia, Egypt, and Iran to BRICS enhanced its “attractiveness as an alternative to the American and European-led financial system.”
Rubio stressed:
If current trends continue, it will become harder and harder for the United States to prevent international violence and oppression through sanctions.
The BRICS group, founded in 2009, has grown to become one of the most influential blocs in the world, having surpassed the G7 in gross domestic product (GDP), taking purchasing power parity into account.
Rubio highlights the rise of libertarian Javier Milei to power in Argentina, who recently rejected the invitation to join BRICS, showing his allegiance to the U.S. and Israel. Sergio Massa, the losing candidate in the Argentine elections, would have joined BRICS as an ally of former president Alberto Fernandez.
Rubio stresses there is a need to seal these alliances, calling for the U.S. government and the Biden administration to intercede for the Argentine government before international institutions like the International Monetary Fund (IMF), and recommends taking Argentina seriously as an international partner.
Rubio concluded:
Milei is taking the right steps to be a friend to the United States. The Biden Administration would do well to reciprocate that, because friends are few and far between these days.
What do you think about Senator Rubio’s remarks on the BRICS bloc? Tell us in the comments section below.
Crypto Think Tank Rebels Against This US Senator, Here’s Why
On December 18, 2023, US Senator Elizabeth Warren sent three letters to the Coin Center Director Jerry Brito, Blockchain Association CEO Kristin Smith, and crypto exchange Coinbase. The senator set January 14, 2024, as the deadline for a response to her inquiries.
In the letter addressed to Brito, Senator Warren voiced her concern over reports that his organization and “other crypto interests” were “flexing a not-so-secret weapon” by amassing what she considers a “small army” of former ex-government officials.
A “Patriotic” Response To “Unconstitutional” Demands, Crypto Think Tank Firesback
Coin Center, a non-profit think tank focusing on the policy issues faced by the crypto industry, sent the US Senator a response letter on January 15. The organization stated:
With respect, we have no obligation to answer these questions beyond the public disclosures we make under the law.
Coin Center affirms that it takes constitutional rights seriously and considers that “free speech and petitioning the government are fundamental rights protected by our constitution,” Warren’s letter “discourages participation in important public policy debates and chills these rights.”
Regarding its opposition to legislative proposals, such as the CANSEE Act and the Digital Asset Anti-Money Laundering Act, the letter cited Coin Center’s belief that they are “unfair, unworkable, and most importantly, unconstitutional” efforts, as well as a “waste” of time and energy that could be spent on reinforcing existing laws.
The organization believes that its “proper” and “patriotic” opposition to these legislative efforts for “unconstitutional and draconian” surveillance is being mistaken as “political bias” by the US Senator.
Coin Center: “The Abuse Of The Revolving Door”
Warren’s letter highlighted the “gaps” that allow former government officials to leave their positions and “cash in and go to work as lobbyists or advisers for private-sector industries with a keen interest in federal policy.”
The Senator inquired Coin Center’s Head about this gap, asking Brito to provide a list of former government officials employed by the crypto think tank and details about their responsibilities, economic compensation, and whether they had been contacted about employment before leaving their former position.
Per the list and details of former government officials currently employed by Coin Center, the organization “politely declines” to offer further answers but is open to a conversation with Senator Warren.
We welcome honest, respectful policy discussions and are happy to meet with you or your staff to discuss further.
Coin Center criticizes the senator for the existence of said gap, noting that “if a gap exists, it is in enforcement”, and calls out the lack of effort on “securing more funding for FinCEN, the FBI and DOJ’s crypto enforcement units, and the like.”
The organization affirms that its efforts to find solutions and support sound regulation for cryptocurrency businesses will continue, including Congress’ effort to address the role that cryptocurrencies play in financing terrorist organizations, as Coin Center believes that sound policymaking is only possible when “diverse voices and perspectives are welcome and engaged.”
The Coin Center Executive Director concluded:
As for bipartisanship, we are proud of the work we have done to find solutions that advance sound regulation for cryptocurrency businesses while preserving the freedom to innovate.
Senator Elizabeth Warren Says SEC Is Wrong for Approving Spot Bitcoin ETFs
U.S. Senator Elizabeth Warren has slammed the U.S. Securities and Exchange Commission (SEC) for approving spot bitcoin exchange-traded funds (ETFs). She stressed that the securities regulator is “wrong on the law and wrong on the policy with respect to the bitcoin ETF decision.”
Senator Elizabeth Warren Unhappy With SEC’s Spot Bitcoin ETF Approvals
The U.S. Securities and Exchange Commission (SEC)’s recent approval of 11 spot bitcoin exchange-traded funds (ETFs) drew immediate criticism from U.S. Senator Elizabeth Warren (D-MA), who has long been a vocal skeptic of bitcoin and other cryptocurrencies. The senator wrote on social media platform X Thursday:
The SEC is wrong on the law and wrong on the policy with respect to the bitcoin ETF decision.
“If the SEC is going to let crypto burrow even deeper into our financial system, then it’s more urgent than ever that crypto follow basic anti-money laundering rules,” she stressed.
Several “community notes” were placed on Warren’s tweet. “There are already robust laws to prevent crypto money laundering. U.S. agencies, such as FinCEN, SEC, [and] CFTC, enforce anti-money laundering (AML) compliance, sanctions adherence, and the txn monitoring. States like New York (Bitlicense) also contribute to AML efforts.” Another community note states: “The SEC acted in accordance to new ‘circumstances’ brought up by the Judge in Grayscale Investments, LLC v. SEC. This is admitted by SEC Chair Gary Gensler.”
Warren is a vocal critic of cryptocurrency. In October last year, the senator and over 100 legislators penned a bipartisan note to Biden administration officials, raising concerns over Hamas evading U.S. sanctions and securing millions through crypto assets.
The Massachusetts senator has introduced the Digital Asset Anti-Money Laundering Act to “close loopholes in current law and bring cryptocurrency companies into greater compliance with the anti-money laundering and countering the financing of terrorism (AMF/CFT) frameworks that govern much of the financial system.” Noting that Warren’s bill is effectively “a crypto ban,” the Chamber of Digital Commerce has set up a petition to stop the proposal.
Moreover, despite their shared skepticism towards crypto, Senator Warren and JPMorgan CEO Jamie Dimon find themselves on opposite sides of the spot bitcoin ETF debate. While Dimon has insisted that bitcoin has no value and its primary use cases are illicit activities, JPMorgan is serving as a lead authorized participant for Blackrock’s spot bitcoin ETF.
What do you think about the statements by Senator Elizabeth Warren about spot bitcoin ETF approvals? Let us know in the comments section below.