Presidential candidate Donald Trump has made several bold claims about crypto in recent weeks. These claims could inspire crypto enthusiasts to vote for Trump in the November election, potentially swaying the outcome. Some Democrats have recognized this strategic move from Trump and have started to push back against his move toward a strong pro-crypto stance.
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One of the leaders against Trump’s pro-crypto speeches has been Elizabeth Warren, a long-serving Senator from Massachusetts and a former presidential candidate. Warren has explained how crypto can facilitate illegal activities, including money laundering and terrorism. “We need a regulatory framework that will put the rules for Anti-Money Laundering (AML) in place so that we do not have more opportunities for Iran and terrorists and drug lords and human traffickers to make more money. We have to get those AML rules in place,” Warren said at a congressional hearing.
Warren has made several other speeches at hearings and other events calling for more regulation on crypto, arguing that it leads to increased illegal activities that are largely untraceable. According to some reports, Hamas has received over $41 million in crypto, and Palestine Islamic Jihad (PIJ) has received over $93 million in crypto. While the exact numbers have been debated, it is generally believed these terrorist groups have received significant funding from crypto sources.
Additionally, a lack of regulation on crypto has led to phishing scams and hacks, causing the loss of tens of billions of dollars from individuals and crypto exchanges.
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While Warren mostly focuses on crypto’s negatives, Trump emphasizes how crypto can help the economy and investors, particularly concerning personal freedoms and liberties. “I will keep Elizabeth Warren and her goons away from your Bitcoin,” Trump said at the Libertarian National Convention.
Trump argues that crypto provides a net good for society, allowing for more decentralization and personal agency over financial transactions.
It is also worth noting that Trump has not directly addressed Warren’s specific claims about crypto’s use in illegal activities. Instead, he noted that he is against her stance on crypto and prefers fewer restrictions on the asset class.
The discord between the two politicians is one of the larger crypto debates. While crypto can benefit all who use it for transactional purposes, this also includes illegal actors who can exploit it for funding. As the election nears, it will be interesting to see how, or if, Trump addresses these shortcomings of crypto.
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This article Remember Elizabeth Warren’s Anti-Crypto Campaign? Donald Trump Promises To ‘Keep Elizabeth Warren Away From Your Bitcoin’ originally appeared on Benzinga.com
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