September 18, 2023
Senator Elizabeth Warren (D - Pocahontas) has once again taken to her soapbox, this time to renew her calls to crack down on Americans' rights to hold their own crypto assets. One might wonder if she's been sipping a bit too much of the WEF Kool-Aid, or perhaps she's just trying to keep up with the times. Either way, it's clear that Senator Warren has a boner, and is again setting her sights on the world of digital currency.
"There's no reason for normal Americans to hold their own money. Clearly, if you don't trust banks with your money, you must be doing something illicit," declared Senator Warren, in a statement that would make even the most ardent bank skeptic scratch their head. After all, wasn't it the same Senator Warren who once said, "I don't trust the banks to play fair with everyday Americans"? Ah, the sweet aroma of irony.
The Senator's latest crusade is centered around the "Digital Asset Anti Money Laundering Act" (DAAMLA), a bill that, if passed, would make it more challenging for Americans to use noncustodial wallets. For those not familiar, noncustodial wallets are the default digital wallet where individuals have full control over their funds, without the need for a middleman like a bank. But according to Senator Warren, these wallets are the digital equivalent of a masked bandit, allowing nefarious actors (ie: normal American citizens) to bypass anti-money laundering checks (or, you know, her thinly veiled social credit score plans).
Of course, the Senator's concerns aren't entirely baseless. There have been instances where cryptocurrencies have been used for illicit activities. But that is akin to saying all banknotes are used for illegal transactions because a few have traces of cocaine on them.
The DAAMLA, which was first introduced in December 2022 and then reintroduced in August after failing to gain enough support, has now garnered the backing of nine additional Senators. It seems the allure of regulating the wild west of the digital world is too tempting for some to resist. The bill proposes extending the requirements of the Orwellian Bank Secrecy Act to digital wallet providers, which would mean more hoops for everyday Americans to jump through if they want to use cryptocurrencies.
But let's not forget the real kicker: the bill would also require U.S. residents with more than $10,000 in crypto to submit reports to their Federal overseers. Because, as we all know, nothing says "freedom" quite like having to report your own money to the government.
Senator Warren's stance on crypto is well-documented. Earlier this year, she even claimed to be building an "anti-crypto army." But every-day Americans should probably be less Pocahontas and more Sitting Bull when interacting with the Federal Government and Senator Warren's plans to colonize the privacy landscape.