Elizabeth Warren’s War on Crypto Continues with Suggestions for New Treasury Secretary

On January 12, Elizabeth Warren, ranking member of the Senate Committee on Banking, Housing and Urban Affairs, wrote a 31-page letter to Treasury Secretary-designate Scott Bessent suggesting tough measures for crypto regulation.

The letter was shared by Paradigm’s vice president of government affairs, Alexander Grieve, who noted that he was immediately on the offensive, saying Bessent “has no government experience.”

1/ Senator Warren just sent a long letter to Treasury Secretary-designate Scott Bessent.

Aside from some eyeroller lines (“Although you’ve had a long career in the financial industry as a hedge fund manager and been a major campaign fundraiser, you have no government… pic.twitter.com/sbeI3Zuc0M

— Alexander Grieve (@AlexanderGrieve) January 13, 2025

Crypto Warpath continues

In the section on the fight against money laundering, Warren, who defeated John Deaton in the November election, referred to the list of crypto crackdown requests that he sent to Congress by the end of 2023, point out He also reiterated the well-worn arguments that crypto is for criminals:

“Bad actors are also increasingly turning to cryptocurrency to enable money laundering, sanction evasion, and to fund major national security threats.”

He also asked Bessen, who has disclosed ownership of one-time Bitcoin ETF holdings worth up to $500,000, several questions about the application of tougher AML regulations, especially for digital assets.

“Should the (Treasury) agency have a secondary sanctions tool that would allow it to separate fintech and crypto operators from dealings with the US?” she asked.

He also asked whether the Office of Foreign Assets Control (OFAC) should have jurisdiction over dollar-denominated stablecoins.

Warren said the Treasury, under the Biden administration, “recognized the growing threat of crypto.” In November 2023, he outlined five legislative proposals that would help the agency “combat illicit financing related to digital assets.”

These include amending the Bank Secrecy Act to include a new crypto-related category of “financial institution” that would include crypto exchanges, non-hosted wallets, decentralized finance (DeFi) and blockchain validators.

Senator Warren has continued her push to lump digital assets and decentralized protocols into the same category as traditional finance and banking. Not everyone agrees with the banking senator, however.

Elizabeth Warren is one of the worst politicians in American history. She is anti-American, a dishonest liar and a proven con artist. Please like and retweet if you think Trump should instruct the DOJ to prosecute her for her crimes.

— Mike Alfred (@mikealfred) January 12, 2025

Scam scam?

Elizabeth Warren has also been accused this week of trying to use the California wildfire disaster for political gain.

On January 11, he posted a call to action to support the Los Angeles Fire Department Foundation. However, it was revealed that the link provided was not to the charity or foundation, but to a Democratic fundraising platform called ActBlue, which allegedly takes commissions from donations.

BREAKING: Elizabeth Warren has been caught trying to scam her supporters. pic.twitter.com/nBHgPekrwB

— aka (@akafacehots) January 12, 2025

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