(BTC) Bitcoin News TodayBlockchainCryptocurrencyCryptocurrency RegulationCryptocurrency SecuritiesFinanceNewsTaxes

Senator Elizabeth Warren Supports Bill That Gives The SEC Increased Oversight Over Crypto Assets

According to the latest Semafor report, the popular Democratic Senator and crypto critic, Elizabeth Warren, will be sponsoring multiple crypto-related bills. The bills will cover crypto issues related to national security, legislation, taxation, and the environment.

According to sources familiar with the matter, the Senator made the moves following the recent FTX collapse. Also, she has intensified her efforts to ensure that lawmakers approve the bills.

Senator Warren remains firmly convinced that criminals launder money and evade tax by using digital assets to move their funds. In an interview some months ago, Waren tagged digital currencies as “the next shadow bank,” hinting that criminals and fraudsters are the main users of crypto assets.

Hence, it is no surprise that Senator Warren is reportedly sponsoring multiple bills that will grant the US SEC significant authority over the crypto market.

Senator Warren’s Fight Against Crypto Crimes

The proposed bill has several rules that make it harder for regular traders to invest in cryptocurrency. One such rule is that crypto exchanges and brokers must provide the SEC with their audited financial reports.

📰 Also read:  NFT Sales Increase by 18% as Trading Volume on Solana Peaks at $5.93 Billion

Another is that banks and crypto firms should abide by similar financial regulations. Thus, shocks in the crypto market will have less impact when any crypto firm collapses.

One of the bills also proposed stricter tax reporting requirements. A Democrat official added that Senator Warren is working on several crypto legislations.

She believes that financial watchdogs like the SEC already have much power to stop crypto fraud and unlawful money laundering. Under the bill, cryptocurrency holdings would be regarded as securities.

As a result, they would be governed by the same laws that apply to business stocks, which are more stringent than laws than those that apply to commodities. “If Bitcoin is not controlled, the entire economy could collapse,” Warren warned.

More seasoned financial experts, such as Fed governor Lisa Cook, were less critical of the crypto sector. Cook asserted earlier this month that the additional crypto restrictions were unnecessary because there was no crypto-related contagion in traditional finance.

Meanwhile, many lawmakers recently argued in favor of stricter regulations for cryptos that mimic those in traditional finance. However, those similar regulations would restrict financial freedom.

📰 Also read:  Harris Campaign Accused of Coordinated Efforts to Sway Public on X Platform

It requires burdensome paperwork and allows the government to monitor cryptocurrency accounts. Nevertheless, all actions are geared towards a check on crypto fraud and money laundering.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Moo Deng Meme Coin Surges 120% Following Binance Listing

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content