Democrats are entering the cryptocurrency crash course. Politico Report: The question of how to spy on digital currencies and whether they should support their adoption is as well as the rift between the liberals and centrists of the party Not only that, but also among the progressives who often make eye contact with financial regulation. Massachusetts Senator Elizabeth Warren, who has long led the left to crack down on banks and Wall Street, has emerged as one of the party’s most vocal cryptocurrency critics, warning that she is ripe for financial crime, exposing consumers to risk. The use of electricity poses a threat to the environment. But a new generation of progressives and many other Democrats are embracing the startup industry. They’re arguing over regulations that could deter what proponents say is a new avenue for financial inclusion and a groundbreaking alternative to traditional banking. Congressman Ritchie Torres (DN.Y.) said in an interview, “I think projects that fundamentally decentralize the internet and finance are very progressive causes.” “No technology should be defined as a worst-case scenario… There is more to cryptocurrency than ransomware, just as money is more important than money laundering.”
The boiling conflict will only intensify in the months to come. President Joe Biden asked federal agencies to start last week. Strengthening the Federal Government’s Approach to Cryptocurrencies, frame it as a step that supports innovation rather than industry repression. Bitcoin price skyrocketed on the news. Separately, Democrats have begun drafting a cryptocurrency regulation bill that reveals a broader view of the government’s role in the $1.7 trillion digital asset market. The lack of consensus among Democrats means that Congress is unlikely to pass major bills any time soon, giving regulatory direction for new markets. Some Democrats and lobbyists expected the first vote earlier this year, but the date has been delayed.
Elizabeth Warren’s Anti-Crypto Movement Divides the Left
Source link Elizabeth Warren’s Anti-Crypto Movement Divides the Left