United States Senator Elizabeth Warren has called for a legal “level playing field” for crypto and restrictions on Big Tech creating artificial intelligence (AI) models.
Warren reiterated her crypto position, stating she wants “to collaborate with the industry” in a Feb. 27 Bloomberg Television interview.
“In our financial system, pretty much everybody follows the same set of rules,” she said before adding:
“My view is that it’s the same kind of activity, the same kind of risk, and should have the same kind of regulations […] I’m not looking for fancier regulations or anything tougher; I just want a level playing field.”
However, she said collaboration efforts had been hampered and claimed the industry says the only way “they can survive” is if there’s “plenty of space” for crime — and listed ransomware scammers, drug and human traffickers, and terrorists among those the crypto industry wants concessions for.
Warren’s proposed legislation, the Digital Asset Anti-Money Laundering Act, aims to treat decentralized technologies such as blockchain nodes, validators, noncustodial wallets and software providers as financial institutions such as banks and stock brokers.
Crypto industry executives, organizations and associations have been vocal in their criticism of the bill, claiming it is inappropriate for the technology and will drive innovation and investment overseas.
The U.S. Treasury Department has admitted that claims over crypto usage for terrorism were overblown.
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