Don’t Rely on Elizabeth Warren’s Poor Track Record: The Senator’s Anti-Bitcoin Bill Has a Real Chance of Getting Passed
This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
It began with a cascade of sell orders that quickly morphed into a puke fest for long positions. Bitcoin tumbled to the $42,000 price level on Sunday amid razor-thin weekend liquidity as the sell orders took their toll. Then came the second significant punch on Monday when the Democratic Senator Elizabeth Warren, a known crypto skeptic, unveiled her anti-Bitcoin bill.
As is evident from the above snippet, $126 million worth of long Bitcoin futures positions were liquidated on Monday, precipitating the cryptocurrency's collapse to the $40,000 price handle.
Senator Warren's Digital Asset Anti-Money Laundering Act of 2023 aims to prevent the use of Bitcoin and other cryptocurrencies in money laundering activities by introducing the following legal requirements within the bill:
as non-custodial and decentralized software cannot plausibly perform centralized compliance functions, warren’s bill would effectively outlaw crypto in america
— Alex Thorn (@intangiblecoins) December 11, 2023
Should this bill turn into an act, it would virtually ban Bitcoin and other cryptocurrencies in the US. Consider the fact that Bitcoin miners and validators are, by design, unable to determine the identity of every blockchain user.
requiring non-custodial open-source software to perform bank-like compliance is *the big attack* bitcoin’s enemies have always threatened. it’s impossible for bitcoin core, for example, to comply with this, so it amounts to an effective ban of bitcoin in the USA.
— Alex Thorn (@intangiblecoins) December 11, 2023
The clamp down on non-custodial wallets would virtually eliminate P2P
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