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<p class="is-style-lead">The crypto community is up in arms over the U.S. Senator’s attempt at introducing a bill skeptics say is aimed at curbing cryptocurrency growth and innovation.</p> 
<p>With the crypto community on edge after a tumultuous year that has seen the insolvency of FTX and problems at Binance, regulatory winds could well be on the horizon. </p> 
<p>U.S. Senator Elizabeth Warren has introduced a new bill aimed at regulating cryptocurrency.</p> 
<p>On Dec. 11, Warren introduced what is dubbed the Digital Assets <a href="https://crypto.news/tag/aml/">Anti-Money Laundering</a> Bill.</p> 
<p>The has already <a href="https://crypto.news/us-senator-elizabeth-warren-introduces-bill-to-crack-down-on-crypto/">received</a> support from several over Senators Raphael Warnock (D-Ga.), Laphonza Butler (D-Calif.), Chris Van Hollen (D-Md.), John Hickenlooper (D-Colo.), and Ben Ray Luján (D-N.M.).&nbsp;</p> 
<p>The new bill expands the provisions of the Bank Secrecy Act to include a wide range of counterparties to include not only exchanges miners and validators, but also service providers, custodians and crypto wallet entities themselves. </p> 
<p>The crypto community believes the bill will not benefit the cryptocurrency industry, and has reacted strongly on X. </p> 
<p>According to Coin Center representative Neeraj K. Agrawal, tge anti-money laundering law in digital assets directly attacks technological progress and personal privacy. At the same time, he believes the bill should be vociferously opposed. </p> 
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   <p lang="en" dir="ltr">The Digital Asset Anti-Money Laundering Act is a direct attack on technological progress and also a direct attack on our personal privacy and autonomy. <br><br>Make no mistake, while proposed as a solution to potential money laundering and terrorist financing, the bill is in fact a… <a href="https://t.co/8oID1wECGL" target="_blank">pic.twitter.com/8oID1wECGL</a></p>— Neeraj K. Agrawal (@NeerajKA) <a href="https://twitter.com/NeerajKA/status/1734305528187109584?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 11, 2023</a>
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<p>Galaxy Research also believes that Warren’s proposed rules would effectively ban Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) in the U.S. However, in the comments, users noted that the bill would not likely receive approval.</p> 
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   <p lang="en" dir="ltr">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.</p>— Alex Thorn (@intangiblecoins) <a href="https://twitter.com/intangiblecoins/status/1734273055835267399?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 11, 2023</a>
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<p>Last week, the U.S. House of Representatives Committee <a href="https://crypto.news/house-panel-approves-legislation-to-maintain-u-s-dominance-in-blockchain-tech/">passed</a> another Bill aimed at supporting blockchain technology, which authorities have rolled out as a way of spearheading a distributed ledger system in the U.S.</p> 
<p> You might also like: <a href="https://crypto.news/crypto-advocates-blast-defense-bill-nixing-proposals/"> Crypto advocates blast 2024 US defense bill for nixing digital asset proposals: ‘A missed opportunity’ </a> </p>

Crypto community voices skepticism of Elizabeth Warren’s crypto bill

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