16. April 2024

Crypto Industry Facing Heat from Anti-Crypto Army Led by Warren

• Elizabeth Warren has reportedly taken advice from Wall Street short-seller Marc Cohodes, who profited from the collapse of crypto banks.
• Crypto natives see this alliance as evidence that entrenched interests are conspiring against Web3 in the US.
• The industry’s failure to address concerns about financial crime and national security is attracting recruits to Warren’s “anti-crypto army”.

Elizabeth Warren’s Alleged Work with Short-Seller

Senator Elizabeth Warren has reportedly taken advice from Wall Street short-seller Marc Cohodes, who cashed in on the collapse of Silvergate and Signature banks. This unusual pairing is seen by many crypto natives as confirmation that entrenched interests are conspiring against Web3 in the United States.

The Industry’s Failure to Address Concerns

The industry has consistently failed to address valid concerns about financial crime and national security. It appears that Silvergate was a striking example of this problem, with numerous crypto companies under investigation, shut down, fined or bankrupt due to its KYC/AML liabilities. Furthermore, Cohodes claims that Silvergate had “huge” money laundering liabilities with a “crypto wrapper.”

What Is an Anti-Crypto Army?

The anti-crypto army refers to a growing coalition of progressive Democrats, Republican national security hawks and Wall Street traders uniting against cryptocurrency initiatives. By failing to adequately address these valid concerns, the industry continues to attract more supporters for Senator Warren’s cause.

What Are KYC & AML?

KYC stands for Know Your Customer and AML stands for Anti Money Laundering (AML). These rules require U.S. financial institutions to carefully due diligence their customers and they are rigorously enforced by law enforcement agencies across the country.

Conclusion

As long as cryptocurrency initiatives fail to adequately address these valid concerns about financial crime and national security then Senator Warren’s anti-crypto army will continue gaining support from all sides of America’s polarized factions..