Warren Bill Takes Heavy-Handed Approach to Crypto Regulation
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Warren's bill threatens crypto's core principles of freedom and personal sovereignty by treating developers as criminals and eliminating privacy tools.
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The bill's onerous regulations, like requiring banks to verify identities for crypto transactions, could drive users to unregulated environments.
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Forcing individuals to provide personal information for every transaction goes against the privacy and pseudonymity that draw people to cryptocurrencies.
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The bill seems to misunderstand that cryptos like Bitcoin are designed to be transparent yet pseudonymous, and jeopardizes this key feature.
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Rather than a sledgehammer approach that stifles innovation, a more balanced solution is needed that targets specific criminal activities without overreaching.