Elizabeth Warren Cultivates Anti-Crypto Coalition

Warren is zeroing in on national security concerns as her focus for potential crypto legislation, even as she raises red flags about a host of issues in the space, from consumer protections to environmental impact. From a report: Sen. Elizabeth Warren is branding herself as the scourge of crypto. And she's not doing it alone. The progressive Massachusetts Democrat is starting to recruit conservative Senate Republicans to her anti-crypto cause and getting some early positive vibes from bank lobbyists, who also want to rein in digital asset startups. Warren has emerged as a lead lawmaker on crypto oversight and is trying to build support behind a bill that would have sweeping implications for the industry via tougher anti-money laundering restrictions, including requirements that more crypto service providers verify customer identities. "I want to emphasize how good her office has been to work with," said Sen. Roger Marshall, the Kansas Republican who co-sponsored Warren's legislation. Crypto advocates are resisting Warren's push, and some dismiss her as an outlier. But her budding partnership with GOP lawmakers reflects broader forces that are poised to unite progressives and conservatives, watchdog groups and bankers, who share common cause in wanting to derail the unfettered growth of crypto. That's in stark contrast to last year, before the crypto market meltdown, when digital currency lobbyists had gained serious traction with lawmakers who drafted friendlier, bipartisan legislation with the industry's input. "It's up to the crypto sector to prove at this point that they're safe, secure and superior, and I don't think they've made that case," said Paul Merski, who leads congressional relations at the Independent Community Bankers of America.

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