Elizabeth Warren Labels Cryptocurrency a Tool for Fraudsters

Cryptocurrency aids rogue states, terrorists, and criminal organizations on an unprecedented scale, according to Senator Elizabeth Warren during a hearing in the Senate Armed Services Committee. She stated this in her remarks.

“Cryptocurrency is a way to fund these things. It helps rogue states, terrorists, and criminal organizations sustain their operations,” she declared.

Warren was joined by Admiral John C. Aquilino of the U.S. Indo-Pacific Command and General Paul J. LaCamera, who leads U.S. forces in South Korea.

According to the latter, in 2023, fraudulent schemes known as “pig butchering” involving digital assets resulted in $3.5 billion in damages, affecting over 40,000 Americans.

The participants concluded that combating crypto crime strengthens international security.

The hearings were organized to advance Warren’s proposed legislation, which she claims will “put an end” to the mentioned threats. The document proposes the introduction of KYC procedures for “wallets, miners, validators, and other network participants.”

Back in December 2023, five senators supported Warren’s proposed bill, which was criticized by the community.

Earlier, the Congresswoman advocated for restrictions on tech giants in developing AI models and for compelling crypto companies to adhere to rules applied to TradFi.