- Senator Elizabeth Warren is proposing a new crypto bill.
- About 9 other senators are in support of it.
A crypto bill can be beneficial in regulating the crypto industry. So, while this industry has good sides, there are also downsides. Sometimes, lawmakers try to create new laws to protect crypto investors.
Senator Elizabeth Warren Pushes for a Crypto Bill
- Senator Elizabeth Warren is a senator who wants to bring some clarity to the operations of the crypto industry. So, this senator believes that the involvement of large institutions in the crypto industry has downsides. There was a need to create a kind of regulatory framework to prevent many crypto activities from going over the top. So, there was an introduction of Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act.
- This crypto bill saw a reintroduction from Senator Elizabeth in July 2023. So, this bill aims to strengthen the regulatory framework around crypto assets such as Bitcoin and NFTs, giving authorities more tools to fight financial crime involving digital assets. This crypto bill also wants to address the numerous challenges of the crypto industry.
Why is this Crypto Bill Important?
- While making a case for the bill, Senator Elizabeth Warren highlighted some of the reasons behind the creation of this act. So, the main driving force behind this act is that the government wants to benefit from the crypto industry. They want to impose heavy taxes on the crypto industry to make massive revenue at the end of the year. So, this is what Senator Elizabeth Warren pointed out in her new upcoming crypto bill.
- The senator says she doesn’t want the country to miss out on a potential chance to make massive profits from the crypto industry. So, this senator says any delay in approving this bill will cause the Internal Revenue Service and U.S. Treasury to miss out on approximately $1.5 billion in tax revenue for the 2024 financial year.
9 Fellow Senators Publicly Support the Bill
- Nine senators took a public stance on this bill. So, they are in support of the new crypto bill from Senator Elizabeth Warren. Apparently, these senators are also yearning for the revenue that comes with taxing the crypto sector.
- This new support is a kind of bipartisan due to the involvement of different senators from the two primary parties in the United States. So, senators such as Angus King, Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto support this new bill.
What did Senator Manchin Say About the Crypto Bill?
- Senator Manchin said he was happy to see different senators coming together to create a bill against bad actors in the crypto industry. So, this senator believes that the new bill will help reduce the advent of crypto crimes.
Senator Graham Speaks About the Bill
- According to Senator Graham, he also shares the view that the new bill will help fight crypto crimes. So, this senator says actors use cryptocurrencies to move illicit funds for drug cartels, criminal gangs, terrorist groups, and kidnappers. Moreover, this new bill will bring transparency.
Senator Peters Stance on the New Bill
- Senator Peters said cryptocurrencies are often a tool for paying ransoms by kidnappers. So, there was a need for a crypto bill that would help to regulate bad things happening with cryptocurrencies. He said, “This bill will help close loopholes and strengthen the tools needed to counter the illicit use of cryptocurrencies by bad actors and protect our national security.”
Senator Durbin Speaks About the New Bill
- Senator Durbin provided what he thinks of the new bill. So, this senator believes that lack of regulation will put many Americans at risk. It will make bad actors use cryptocurrencies to defraud them without any consequences.
Senator Smith Supports New Crypto Bill
- Senator Smith said she was in support of the new crypto bill from Senator Elizabeth Warren. So, she says it was important for senators from different political parties to create this new bill. Furthermore, she expects the crypto industry to have the same regulation as traditional finance.
Senator Shaheen Gets Behind the New Crypto Bill
- Senator Shaheen is also among those supporting this new crypto bill from Senator Elizabeth Warren. So, she says the loopholes in the American law system make it possible for bad actors to operate. Hence, there was a need to create a regulatory framework.
Senator Blumenthal in Support of the New Bill
- Senator Blumenthal made his stance clear about the new bill. So, this senator believes that the crypto industry must be at the same length as traditional finance. “Holding crypto platforms to the same standards and regulations as financial institutions is common sense,” Senator Blumenthal said.
Senator Bennet Sides this New Crypto Bill
- According to Senator Bennet, there’s support for this new bill because the crypto industry is now a den of thieves. “We can’t allow crimes like money laundering to evade scrutiny simply because it takes place on the blockchain instead of with dollar bills,” this senator said.
Senator Cortez Masto Keen on New Bill To Protect Nevada Communities
- One of the major reasons why Senator Cortez Masto is in support of the new bill is because she wants to protect Nevada communities. According to her, creating this new bill will prevent cybercriminals from accessing loopholes.
Conclusion
Senator Elizabeth Warren is recently pushing for a new crypto bill. So, this bill will change many things in the crypto industry of the United States, especially with taxes. The United States government wants to benefit from the taxes coming from the crypto industry. So, as many as nine senators support the new bill.
Image by felicities on Freepik
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
