Elizabeth Warren is putting together a bipartisan coalition on 'cryptocurrency oversight': report

14 February 2023

Many MAGA Republicans and conspiracy theorists have been very bullish on cryptocurrencies, which they view as a refuge from "the deep state." But liberal Democratic Sen. Elizabeth Warren of Massachusetts, in contrast, has been sounding the alarm about problems in the crypto market, which she believes is in need of extensive oversight following the collapse of crypto exchange FTX and the arrest of its CEO, Sam Bankman-Fried on fraud charges.

According to Politico’s Zachary Warmbrodt, Warren has been trying to put together a bipartisan coalition that shares her concerns. And she has gotten a favorable response from some conservative GOP lawmakers, including Sen. Roger Marshall of Kansas.

In an article published by Politico on February 14, Warmbrodt reports, "The progressive Massachusetts Democrat is starting to recruit conservative Senate Republicans to her anti-crypto cause and getting some early positive vibes from bank lobbyists, who also want to rein in digital asset startups. Warren has emerged as a lead lawmaker on crypto oversight and is trying to build support behind a bill that would have sweeping implications for the industry via tougher anti-money laundering restrictions, including requirements that more crypto service providers verify customer identities."

Marshall, who co-sponsored Warren’s bill, told Politico, "I want to emphasize how good her office has been to work with.” And Sen. John Kennedy of Louisiana, another right-wing Republican who is sympathetic to Warren’s cause, told Politico, “What matters to me is (Bankman-Fried) spread money around Capitol Hill like it was dishwater, and nobody stopped at the time to ask any relevant questions about this company."

But cryptocurrency lobbyists, according to Warmbrodt, have been attacking her bill "in the strongest possible terms."

Alex Sarabia, a spokesperson for Warren, told Politico, "The crypto industry has an army of lobbyists and Washington insiders fighting against bipartisan rules to prevent crypto money laundering by criminals and rogue nations like Iran and North Korea. There’s no reason that crypto should be held to a lower standard and not comply with the same rules for the same activities to address the same risks."

Read Politico’s full report at this link.

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