New Crypto Bill Unveiled by US Senators Is Called the “Most Direct Attack” on the Personal Freedom and Privacy of Crypto Users by Experts

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Senator Warren’s measure “would oblige everyone who helps maintain public blockchain infrastructure, either through software development or validating transactions on the network to register as a financial institution (FI),” according to cryptocurrency policy think tank Coin Center. The crypto advocacy organization continued: Senator Warren’s new crypto bill received harsh criticism on Twitter.

It would not stop the subsequent FTX. The executive director of Coin Center, Jerry Brito, tweeted in response to Sen. Warren’s proposed legislation for cryptocurrencies: “The bipartisan Digital Asset Anti-Money Laundering Act is the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen.”

The bill instructs the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department to designate as money service businesses “custodial and unhosted wallet providers, cryptocurrency miners, validators, or other nodes who may act to validate or secure third-party transactions, independent network participants, including MEV searchers, and other validators with control over network protocols.”

Senator Warren’s measure “would oblige everyone who helps maintain public blockchain infrastructure, either through software development or validating transactions on the network to register as a financial institution (FI),” according to cryptocurrency policy think tank Coin Center. The crypto advocacy organization continued: Senator Warren’s new crypto bill received harsh criticism on Twitter.

It would not stop the subsequent FTX. The executive director of Coin Center, Jerry Brito, tweeted in response to Sen. Warren’s proposed legislation for cryptocurrencies: “The bipartisan Digital Asset Anti-Money Laundering Act is the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen.”

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