Unions reportedly want Michigan Senator Gary Peters, a vocal crypto critic, as the Democratic Party’s vice presidential candidate.
VP Kamala Harris, the presumptive Democratic nominee for president, has considered a range of options for her running mate, including Pennsylvania Gov. Josh Shapiro and Arizona Sen. Mark Kelly, the rumored front-runners.
But Axios reports, citing “a key Democratic source,” that union leaders have spoken to Harris’ campaign about also considering Peters, who has served in the Senate since 2015.
Peters has an “F” rating from the nonprofit Stand With Crypto, which was founded by Coinbase last year.
In 2021, Peters announced the start of an investigation into the role of cryptocurrencies in ransomware attacks. He completed the study the following year and argued in a summary report that the federal government did not have sufficient data on ransomware attacks and how they use crypto.
“Cryptocurrencies – which allow criminals to quickly extort large sums of money, can be anonymized, and do not consistently enforce regulations, especially for foreign-based attackers – have further enabled cybercriminals to launch disruptive ransomware attacks that threaten our threaten national and economic risks. security.”
Peters also co-sponsored Senator Elizabeth Warren’s (D-Massachusetts) Digital Asset Anti-Money Laundering Act.
The bill, which Warren first introduced in 2022 and then again last July, aims to bring the crypto industry into compliance with the same money laundering rules that apply to the traditional financial system. Among other things, it would extend the responsibilities of the Bank Secrecy Act (BSA), including Know-Your-Customer (KYC) requirements, to crypto wallet providers, miners, validators and other network participants.
Perianne Boring, the founder and CEO of the Chamber of Digital Commerce, argued that the bill would kill the crypto industry by imposing impractical compliance requirements.
“Just as tracking every user of a dollar bill would be untenable for an ink manufacturer, imposing similar requirements on blockchain entities such as digital asset miners and validators is equally unfeasible and detrimental to innovation.”
Surprisingly, however, Peters also supported the pro-crypto House Resolution 109, which would have reversed the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121.
SAB 121 is guidance stating that certain companies must label digital assets as liabilities on their balance sheets, even if they simply hold them for customers.
The House resolution passed the House and Senate earlier this year but was vetoed by President Joe Biden in May.
The potential legislation went back to the House of Representatives for another vote earlier this month, but fell short of the two-thirds majority needed to overturn a presidential veto.
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