Warren Seeks to Expand Cryptocurrency Regulations, But Critics Question Effectiveness for Combating Crime

Senator Elizabeth Warren is escalating her campaign against cryptocurrencies, portraying them as enabling crime despite evidence that most illicit finance occurs outside the crypto ecosystem.

Warren has introduced legislation to expand anti-money laundering regulations to cryptocurrencies, which could infringe on financial privacy without effectively combating crime.

The government has failed to stop terrorist groups like Hamas from raising hundreds of millions through traditional finance, so further restricting crypto may not help.

Crypto is used for some crime like any financial instrument, but banning it impedes law-abiding users and stifles innovation.

Congress should fight crime without violating the Fourth Amendment or limiting payment choices, as the Constitution protects privacy and neutrality.