A cybersecurity expert is backing Senator Elizabeth Warren’s anti-crypto legislation proposal, saying it would reduce scams.
According to a new press release, Warren, a Democrat who represents Massachusetts, asked cybersecurity expert Steve Weisman during a special Senate hearing on aging whether her proposed legislation would help reduce crypto scams.
Weisman responded with a resounding “yes.”
“Yes absolutely. I love it. This is what it’s all about. My students at Bentley University were recently studying money laundering. We were talking about this very topic. The law is always behind the technology. The banks have the ‘know your customer’ rule, which helps. You have to get the private sector and government working together. Your legislation is long overdue.”
Weisman, the editor of Scamicide.com, further points out the dangers of crypto mixers, or tools that help crypto investors remain anonymous.
“The anonymity is great. You have people who are looking for privacy and that is of course something with crypto mixers where your account is mixed with others and very difficult to trace. One of the things the government did very well was after the Colonial Pipeline ransomware attack.
They were able to track those accounts and get them back, but once it goes into the mixers you’re in trouble. There is a legitimate concern about people’s privacy, but it doesn’t touch the scammers.”
In April, Jake Chervinsky, chief policy officer of The Blockchain Association, said Warren’s bill would essentially ban crypto assets in the US.
According to Chervinksy, the bill – which was initially introduced in December 2022 – would ban normal activities related to crypto assets, such as staking and mining, effectively banning digital assets.
“Senator Warren’s bill would impose a de facto ban on crypto in the US, criminalizing all kinds of legitimate activities like mining and staking, while doing nothing to actually combat illegal finance. It’s no surprise that she’s having trouble finding co-sponsors.”
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