{"id":26795,"date":"2023-12-18T15:48:07","date_gmt":"2023-12-18T15:48:07","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/warrens-surveillance-legislation-is-tailor-made-to-help-big-banks\/"},"modified":"2023-12-18T15:48:09","modified_gmt":"2023-12-18T15:48:09","slug":"warrens-surveillance-legislation-is-tailor-made-to-help-big-banks","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/warrens-surveillance-legislation-is-tailor-made-to-help-big-banks\/","title":{"rendered":"Warren\u2019s surveillance legislation is tailor-made to help big banks"},"content":{"rendered":"
It seems that every time Massachusetts Senator Elizabeth Warren fails to get an anti-crypto bill passed, she introduces a new draft. She has the strategy of messaging bills \u2014 legislation introduced for the purposes of media attention and fundraising more than actual passage \u2014 down to a science.<\/p>\n
Warren’s latest legislation, the Digital Asset Anti-Money Laundering Act, threatens to undermine crypto\u2019s core principles of freedom and personal sovereignty. While Warren argues that her bill is necessary to combat illicit activities, a closer look reveals its potential to stifle innovation, endanger user privacy, and play right into the hands of big banks.<\/p>\n
The bill, co-sponsored by Kansas Senator Roger Marshall, is based on a premise that digital assets are increasingly being used for criminal activities such as money laundering, ransomware attacks, and terrorist financing. While some bad actors exploit digital assets, the bill’s approach of treating all developers and wallet providers as potential criminals is not only impractical but also dangerous.<\/p>\n
Related: <\/em><\/strong>The SEC is facing another defeat in its recycled lawsuit against Kraken<\/em><\/strong><\/p>\n The most dangerous part of the bill is the requirement that digital asset developers comply with Bank Secrecy Act (BSA) responsibilities and Know-Your-Customer (KYC) requirements. This effectively places the burden of law enforcement on the shoulders of software developers. It’s akin to requiring car manufacturers to be responsible for how their vehicles are used on the road.<\/p>\n