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Coinbase CEO considers anti-crypto bills as ‘bad political strategy’

coinbase-ceo-considers-anti-crypto-bills-as-bad-political-strategy
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Coinbase CEO considers anti-crypto bills as ‘bad political strategy’

The head of the cryptocurrency exchange Coinbase, Brian Armstrong, criticized U.S. senators Roger Marshall and Elizabeth Warren over their controversial anti-crypto bill.

The Chamber of Digital Commerce, the world’s leading blockchain trade association, shared a post exposing Senator Marshall and Warren’s attempt to influence the American Bankers Association to support them in drafting the Digital Asset Anti-Laundering Act.

Armstrong commented on this statement, pointing out that opposing cryptocurrencies is truly “a bad political strategy in 2024.”

“Senators Warren and Marshall are now lobbying for big banks.”

Brian Armstrong, Coinbase CEO

Arguing his statement, the head of Coinbase noted that about 52 million citizens of the country belong to the vast crypto community. Additionally, about 38% of young people strongly believe in the role of cryptocurrencies in economic empowerment. Currently, only a small number of people are satisfied with the current financial system, and more than 1 million crypto enthusiasts advocate for sound crypto policies.

Last week, Warren introduced a bill to combat the use of cryptocurrencies in criminal financial activities, which received additional support from lawmakers. The new document will help reduce the risks of illicit financing associated with cryptocurrency, closing loopholes and ensuring greater compliance of the digital asset ecosystem with the anti-money laundering legal framework and international standards for combating the financing of terrorism, which govern much of the financial system.

However, the cryptocurrency community saw Warren’s initiative as a threat to digital assets. In particular, the new bill directly attacks technological progress and personal privacy.