US Senator Elizabeth Warren introduced legislation to address her concerns surrounding the alleged misuse of digital currencies in illicit activities, citing money laundering, drug trafficking, sanctions evasion, and more.
The bill, supported by a coalition within the Banking Committee, marks a significant push for increased oversight and regulation within the Bitcoin and cryptocurrency sphere. Citing risks associated with cryptocurrencies, Senator Warren stressed that digital currencies are used as an avenue for criminal activities, and that must be addressed through stringent regulatory frameworks.
“The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,” said Warren. “I’m glad that five new senators are joining the fight to take action, including three members of the Banking Committee – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”
Two of the most common concerns that I address for people are:
1) What if the government bans Bitcoin?
2) Criminals use Bitcoin
Both of these are relevant to address given Warren's silly bill proposal from this week.
Firstly, in order for the government to impose a "ban" on anything, they have to be able to enforce the rule. And in order to enforce the rule, the government has to have access to information regarding those who are breaking the rule.
This is why it is so difficult to have a completely drug free society, for example. The government does not know who the distributors are, who the buyers are, how to reliably track the movement of product, etc.
With Bitcoin, if secured properly, there is no way to link anyone's identity to any transactions. There is no way to provide evidence convicting someone of breaking the rule. There is no way to shut down anyone's ability to access the network.
Thus, banning Bitcoin is an unenforceable project. How can you ban something that you cannot track, identify, or find?
Secondly, the objection that "criminals" use Bitcoin is laughable at best. Criminals used the internet before anyone else too. Criminals ALWAYS use new technology to stay ahead of law enforcement. This is nothing new.
Also, the fiat money system (central banking) is LITERALLY a gigantic criminal enterprise. The banks have been coordinating for decades amongst each other to exploit the system for their own gain, bribing government officials, laundering drug money, and stealing citizen's purchasing power year after year for a hundred years now (since the inception of the FED).
Don't believe me?
The world's largest banks have now paid a whopping $200 billion in fines for actively engaging in criminal activities IN THE LAST 5 YEARS ALONE (and this is just a drop in the bucket compared to what they've done over the last 60 years.)
Read more about this here.
Criminality is a BUSINESS OPERATION for banks. Here's how it works.
JP Morgan manipulates the foreign currency markets to make $10 billion. Then they pay a fine of $2 billion after getting convicted of the crime. They net $8 billion in profit and then do it all over again.
This is NOT me speculating.
CitiBank, JP Morgan, Barclay's, and RBS have paid $200 BILLION IN FINES IN JUST FIVE YEARS FOR DOING THIS EXACT THING.
Using Bitcoin is an ACTIVE AND PEACEFUL PROTEST against the REAL CRIMINALS, the bankers.
"Criminals use Bitcoin."
WRONG. Criminals want to PREVENT you from using Bitcoin because your doing so renders them POWERLESS to control your finances and rob your family blind using inflation and market manipulation.
Now to REALLY crack the code for you.
Elizabeth Warren's annual salary is $174k. Yet her net worth is over $80 million.
Just so you understand the math - if she saved EVERY SINGLE PENNY of her annual income, it would take 459 YEARS TO ACCUMULATE this sum of money.
Wikipedia says she earned her money doing "consulting."
She is one of the MANY politicians on the bankers' payroll to push their agendas down the throats of the taxpayer.
AREN'T YOU TIRED OF IT?
DON'T YOU WANT TO DO SOMETHING ABOUT IT?