Sen. Elizabeth Warren points to dangers of crypto scams targeting older investors in latest call to pass her legislation
Sen. Elizabeth Warren, D-Mass., criticized cryptocurrency's role in schemes targeting older investors while pushing for her bill that she says would bring scammers to a halt during a recent Senate hearing. "The anonymity is terrific," said Steve Weisman, a senior lecturer at Bentley University. "You have people looking for the privacy and of course that is something with crypto mixers where your account gets mixed in with others and becomes very difficult to trace."
Weisman said in the ransomware attack against Colonial Pipeline, which provides fuel on the U.S. east coast, the government was able to trace the accounts, but said once funds are funneled into mixers, that crSen. Elizabeth Warreneates a problem. "There is a legitimate privacy concern that people may have, but it does not come anywhere near to the scammers," Weisman continued. Warren said her bill, called the Digital Asset Anti-Money Laundering Act, would make it easier for regulators to track suspicious activity around crypto and shut down those scammers. "I think Americans are sick and tired of these crypto crimes, and it’s long past time that we get some regulation in place to deal with this," Warren said.
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