The Breakdown How Serious is the Democrat Crypto Pivot?
May 31, 2024
Exploring the Democrat's pivot towards crypto, Elizabeth Warren's stance on regulating crypto, challenges and skepticism surrounding crypto policy reversal, bipartisan efforts in the crypto sector and cross-border collaboration in crypto policy
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Warren's Focus on Crypto
- Senator Elizabeth Warren is focusing on the crypto angle of the fentanyl trade, pushing for a crypto crackdown.
- She overlooks the traditional financial system's larger role in money laundering.
Lummis's Critique
- Senator Cynthia Lummis criticizes Warren, highlighting the disproportionate focus on crypto's role in money laundering.
- Lummis points out that traditional finance sees far greater illicit activity.
Biden's Veto Dilemma
- President Biden faces a dilemma regarding the veto of legislation repealing SAB 121.
- Vetoing risks alienating the crypto industry while not vetoing could be seen as betraying Democrats.