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Crypto Critic Elizabeth Warren Introduces New Bill To Crack Down On Bitcoin

Key Points:

Crypto critic Elizabeth Warren surprises people by introducing a bill to crack down on crypto.
Warren’s shift sparks criticism from digital currency supporters and accusations from Edward Snowden.
JPMorgan Chase CEO Jamie Dimon adds to the skepticism, declaring he would shut down crypto if he had the authority.

In a significant move, US Senator Elizabeth Warren has introduced a comprehensive bill aimed at regulating the burgeoning cryptocurrency industry. The proposed legislation is designed to “crack down” on the cryptocurrency sector, bringing it “into greater compliance” with existing financial regulations.

Crypto critic Elizabeth Warren Introduces Legislation To Crack Down On crypto

Previously, Warren, known for her critiques of the banking sector, raised eyebrows by labeling cryptocurrency as a “threat,” as reported by CCN. This stark departure from her usual stance has garnered criticism, particularly from Edward Snowden, the former NSA contractor and whistleblower.

During a Senate banking committee hearing, crypto critic Elizabeth Warren seemed to align herself with major banks, expressing agreement with their views on cryptocurrency regulation. This surprising shift has left supporters of digital currencies disapproving, with Snowden accusing Warren of being “bought and paid for by the banks.”

Crypto critic Elizabeth Warren defended her position, stating, “I am not usually holding hands with the CEOs of multibillion-dollar banks. But this is a matter of national security.” However, critics argue that her apparent pivot towards the banking sector contradicts her previous adversarial relationship with it.

Jamie Dimon, CEO of JPMorgan Chase, joined the chorus of skepticism, indicating that he would shut down crypto if given the authority. Despite JPMorgan‘s pioneering use of blockchain technology, Dimon has consistently criticized cryptocurrencies.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.