The attack on cryptocurrencies by Senator Elizabeth Warren faced serious opposition in the Senate, which leaves the question of the viability of her tough position on digital currencies. Although Warren has been making relentless bids to portray the crypto industry as a main route of criminal activities, a critical testimony from the Treasury Department has weakened the ground of her campaign.
Deposition of the Treasury Department
In a subcommittee hearing of the House Financial Services Committee, Undersecretary for Terrorism and Financial Intelligence at the Treasury Department Brian Nelson questioned the current idea that cryptocurrencies are mainly used in funding terrorism.
Nelson’s testimony brought into the spotlight the fact that the traditional financial systems are still the primary route for these illegal transactions, a fact that directly refutes Senator Warren’s arguments.
This turning point indicates a possible change in the legislative attitude towards the regu
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