Several crypto community members have criticized Senator’s Warren latest stand about how crypto is being by illegal actors for their activities.
In a June 3 tweet, the Democrat Senator rehashed her concerns about the harmful impacts of cryptocurrency. She said, “rogue nations, oligarchs, and drug lords use crypto to launder billions in stolen funds, evade sanctions, and finance terrorism.”
Senator Warren Touts New Crypto Bill
Due to this, Senator Warren wants to introduce a bill that will end the cryptocurrencies use for illegality and bring order to the industry. She added that the bill would “close loopholes and apply common-sense rules to the industry.”
However, many in the community criticized her statement, pointing out that transactions in the space are transparent and traceable. The COO of BitGO, Chen Fang, said crypto transactions are traceable and “the worst conduit for illicit activity.” Fang added:
