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- Senator Elizabeth Warren got “community noted” after claiming nations were using crypto to dodge U.S. sanctions.
- Rogue nations were undermining U.S. national security, according to Warren.
- Community note highlighted that fiat is the preferred currency for financial crimes.
Senator Elizabeth Warren got “community noted” after claiming nations were using cryptocurrencies to dodge United States sanctions.
A new @USGAO report confirms that rogue nations are using crypto to dodge sanctions and undermine our national security.It’s time for crypto to follow the same anti-money laundering rules as everyone else. I’ve got a bill to make it happen. https://t.co/TUX2sJ8HR0— Elizabeth Warren (@SenWarren) January 21, 2024
Community notes on X were introduced to “create a better informed world,” according to X’s help center. The feature allows users to add context to potentially misleading information.
Warren stated that “rogue nations” were benefiting from crypto and undermining U.S. national security. Moreover, Warren added, “It’s time for crypto to follow the same anti-money laundering rules as everyone else.”
A community note on Warren’s statement countered her opinion, asserting that fiat is the preferred currency for financial crimes. The community note cited the U.S. Treasury Department’s February 2022 National Money Laundering Risk Assessment Report.
Additionally, the anti-crypto senator mentioned that she proposed legislation to regulate crypto and make it adhere to anti-money laundering rules. Warren said, “I’ve got a bill to make it happen.”
Warren’s controversial bill, named the Digital Asset Anti-Money Laundering Act, has received criticism from many crypto figures. Coinbase (NASDAQ:COIN) CEO Brian Armstrong criticized Warren’s anti-crypto bill, stating, “Being anti-crypto is a really bad political strategy going into 2024.”
Furthermore, the senator labeled crypto as a “new threat,” alleging that crypto is being utilized for terrorist financing and drug trafficking. Moreover, Warren claimed that North Korea is using cryptocurrency to pay for half of its nuclear weapon program.
Recently, Warren shared her opposition to the U.S. Securities and Exchange Commission’s (SEC) approval of the spot Bitcoin ETF launch. Coin Edition reported that the senator claimed, “There’s no doubt that the SEC made the wrong decision here.”
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