From Nasdaq:

Senator Elizabeth Warren cited a U.S. Government Accountability Office report on rogue nations using crypto to dodge sanctions, drawing backlash from the crypto community. The report examines monitoring and penalties by the U.S. Departments of Justice and Treasury, leading to hefty penalties such as Binance’s $4.3 billion. The crypto community criticized Warren for misleading information, with experts and advisors challenging her comments.

The backlash intensified as it was perceived that Warren’s comments were based on misleading information from the report, with advisors and experts providing detailed responses on Twitter. The crypto community criticized Warren for not asking traditional financial institutions to follow the same AML rules and accused her of hypocrisy. Warren’s anti-crypto stance aligns with JPMorgan CEO Jamie Dimon and SEC Chairman Gary Gensler, who have warned about the illicit use of cryptocurrency, highlighting the use of crypto to fund terrorism and criminal activities.

Senator Warren’s statements on cryptocurrency and her proposed Digital Asset Anti-Money Laundering Act aimed at cracking down on illicit use of crypto continue to draw intense criticism from the crypto community and industry experts. The backlash stems from what is perceived as misleading information and a double standard accusation against financial institutions. Warren’s stance aligns with the warnings from JPMorgan CEO Jamie Dimon and SEC Chairman Gary Gensler about cryptocurrency’s illicit use cases.



Read more: Elizabeth Warren Strikes Again: Unleashes A Tidal Wave Of Reactions In Crypto Circles