Crypto Bill Pressure Increases From Democrat Senator!

Senator known for his anti-crypto views Elizabeth Warrencompels the SEC to draft a responsible bill.

It began to appear in the press that the Democrat Senator was closely researching some issues on cryptocurrencies. Topics include regulation, taxation, climate and national security, according to sources close to Warren.

The report also included Senator Warren’s desire to speed up regulations after the FTX collapse. Warren, cryptocurrency He pointed out that criminals are used as a tool for money laundering and tax evasion. Warren has described crypto assets as a ‘shadow bank’ last year, stating that they are attractive to criminals.

Elizabeth Warren Fights Cryptocurrency

The cryptocurrency bill, whose content is unclear, also includes regulations that will create some difficulties and uncertainties for traders. The biggest reason for this is the obligation of stock exchanges and intermediaries to present audited financial statements. While this may not seem like a blind detail, providers will have to implement redemptive capital requirements. As we reported, the bill also aims to prevent crypto companies from using client funds for investments elsewhere. However, this represents exactly what banks do.

In addition, the legislation will increase tax reporting requirements beyond the rules applied last year.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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