U.S. Senator from Massachusetts Elizabeth Warren has made clear her reservations about cryptocurrencies. Specifically because of the possibility of fraud and misuse and the absence of oversight. Many have labeled her position on cryptocurrencies as “anti-crypto.”
This makes it challenging for some cryptocurrency projects to function and can prevent businesses and mainstream investors from adopting cryptocurrencies. Furthermore, Warren just declared her intention to run for a second term in the Senate.
Warren Considering a Second Senate Race
In her most recent Twitter post, Senator Warren praised her intentions and prior accomplishments, such as expanding access to over-the-counter hearing aids and bringing down the price of daycare in the Commonwealth of Massachusetts.
Senator Warren listed a strategy to “create an anti-crypto army” in the US as one of the accomplishments in the post.
The Massachusetts senator has long fought to stop the proliferation of cryptocurrencies in the United States, so her contempt for the sector is nothing new.
The Digital Asset Anti-Money Laundering Act of 2022, the result of her work, was introduced in December 2022. The plan was sharply attacked at the time by both Republicans and Democratic colleagues, and the larger crypto and tech industries warned of its potentially disastrous effects.
Warren pledged in February to bring the measure this year, which would impose strict AML rules on all decentralized organizations.
Before Warren launches her anti-crypto campaign, Ripple’s Alderoty implores caution
General Counsel Stuart Alderoty of Ripple denounced Massachusetts Senator Elizabeth Warren’s plans to form a group opposed to cryptocurrencies today through Twitter.
He added, “Before additional politicians join Sen. Warren’s anti-crypto army, keep in mind that her 2020 bid for the Democratic presidential nomination failed so horribly that she pulled out after being found ineligible.”
Alderoty’s tweet comes after Warren’s re-election campaign article from earlier this week, in which she stated her want to ally against the quickly expanding digital asset market.
She positioned herself as one of the top progressive voices throughout her 2020 presidential campaign. However, her candidature found it difficult to get traction, which is why she ultimately decided to drop out of the contest in March 2020.
Warren is still a key figure in the Democratic Party despite her failed pursuit of the presidential nomination. She has been a key advocate for more cryptocurrency regulation.
Surveys indicate that Elizabeth Warren’s anti-crypto army campaign won’t succeed
The senator was slammed on Twitter by the “pro-crypto army.” Coin Bureau, a well-known YouTuber, mocked the tactic, asking, “Imagine believing that organizing an ‘anti-crypto army’ is going to get you votes?” Warren’s position will “drive innovation overseas,” according to cryptocurrency supporter Lord TJ.
Although the senator surely has access to her in-depth private polling on the subject, recent surveys paid for by the industry indicate that the majority of people will not support the position.
A staggering 76% of the representative sample in a study conducted on February 24 by cryptocurrency exchange Coinbase agreed that “cryptocurrency and blockchain are the future.”
Similar opinions were expressed in a study conducted in November by digital asset management company Grayscale Investments; curiously, the results showed that 59% of Democrats believed cryptocurrency to be the financial technology of the future. Compared to Republicans, who stated the same thing by 51%, this is more.
To Warren’s advantage, the crises of 2022, like the failures of BlockFi, FTX, and Terra Luna, have had a significant impact on public perception of cryptocurrencies. A recent Morning Consult study found that popular confidence in cryptocurrencies has decreased over the year.