Kamala Harris

Joe Biden

Gary

American Senator Elizabeth Warren claimed during a Senate hearing on July 25th that foreign crypto mining facilities could be a threat to national security. Warren also added that crypto mining facilities are loud, hot, and consume a lot of electricity.
Also Read: <a href="https://www.cryptopolitan.com/coinbase-court-order-for-sec-gensler-docs/" rel="noopener noreferrer nofollow">Coinbase seeks court order for SEC to produce Gensler linked docs</a>&nbsp;
The senator, who has been openly skeptical of crypto <a href="https://www.youtube.com/watch?v=yYC6O1-cbRE" rel="noopener noreferrer nofollow" target="_blank">expressed</a> her concerns during a hearing of the Senate Committee on Banking, Housing, and Urban Affairs, stating that the miners are loud, consume a lot of electricity, and serve as a significant threat to America’s national security. She also mentioned that many countries have banned crypto mining due to its environmental hazards.
<h3 id="span-style-font-weight-400-senator-elizabeth-warren-bashes-chinese-crypto-mining-firms-in-espionage-allegations-span">Senator Elizabeth Warren bashes Chinese crypto mining firms in espionage allegations</h3>
In her speech, Warren referenced a study by a blockchain analytics firm that revealed one-third of crypto mining facilities in the U.S. were operated by Chinese citizens. The senator’s remarks highlighted the national security risks posed by these crypto-mining facilities owned by people believed to have direct links with the Chinese government.
<blockquote>
 “Foreign adversaries are using crypto mines to spy on U.S. military operations. That’s an obvious national security risk.”
 <a href="https://www.youtube.com/watch?v=yYC6O1-cbRE" rel="noopener noreferrer nofollow" target="_blank">Senator Elizabeth Warren</a>&nbsp;
</blockquote>
Assistant Secretary of the Treasury for Investment Security Paul Rosen supported the Democrat Senator by stating the possibility that the mining facilities could serve as espionage centers for foreign adversaries.&nbsp;
Senator Warren referred to MineOne, a Chinese mining facility that was established in close proximity to a military base in Wyoming. In May, President Joe Biden issued a 120-day vacation notice to the mining facility to vacate the vicinity over spying concerns.
During the committee hearing, Senator Warren also said that crypto-mining facilities significantly affect America’s energy grid system and could potentially serve as centers of operations for targeted blackouts and cyberattacks. However, research <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4634256" rel="noopener noreferrer nofollow" target="_blank">published</a> in November 2023 cited Bitcoin mining as a “global shift towards clean energy” and effective management of power grids.
<h3 id="span-style-font-weight-400-senator-warren-calls-for-anti-money-laundering-rules-span">Senator Warren calls for anti-money laundering rules</h3>
Warren also stated that foreign entities have been purchasing these mining facilities using digital assets to retain anonymity, bypass anti-money laundering regulations, and skirt the U.S. traditional banking system.&nbsp;
According to Warren, a Chinese investor secretly purchased a $6 million mining facility in Texas using crypto. She also claimed that mining facilities use digital assets to send millions of dollars to China and recommended affirmative regulatory action to curb the issues. She concluded by saying it was time to pass the laws needed by the Treasury.
Senator Warren is widely known for her skeptical stance against crypto. On July 24th, Ripple’s CEO, Brad Garlinghouse, <a href="https://x.com/bgarlinghouse/status/1816200942917935511" rel="noopener noreferrer nofollow" target="_blank">referenced</a> Elizabeth Warren’s view on digital assets while giving possible stances on Vice President and presidential aspirant Kamala Harris. Garlinghouse stated that if VP Kamala Harris adopted Senator Elizabeth’s stance on crypto, she would have miscalculated the “political liability” of Gary Gensler.

Senator Elizabeth Warren says foreign crypto miners are a threat to national security

Table of Contents

Cryptopolitan_News

Άλλα άρθρα που δημοσιεύτηκαν στις 26 Ιουλ 2024

Hot丨Spot ETFs have been online for 24 hours, has it reached your expectations?

Top 3 Cheap Altcoins Under $1 Set to Explode: Should You Consider Buying Now?

Investors Drive Crypto Market Surge

Analyst Sees Potential for Dogecoin Price to Hit $2

BTCC Exchange Introduces Up to 50x Leverage on Over 300 USDT-Margined Trading Pairs

Solana Price Prediction: SOL Price Aims To 100% Surge

Join our free newsletter for daily crypto updates!