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<a href="https://bitcoinworld.co.in/crypto-is-not-the-problem-bad-actors-are-sen-lummis/" title="Crypto Is Not The Problem, Bad Actors Are – Sen. Lummis" rel="noopener noreferrer nofollow"></a>
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 <li style="font-weight: 400">In a recent disagreement, Sen. Lummis declared that crypto is clearly not the problem but criminals and bad actors are.</li>
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Discord regarding Bitcoin and cryptocurrencies persists between U.S. lawmakers after a year of growth for global adoption and the coming of spot BTC ETFs.
Senator Cynthia Lummis <a href="https://twitter.com/SenLummis/status/1749835395385176366" rel="noopener noreferrer nofollow">disagreed</a> with her fellow Senator Elizabeth Warren following comments from the latter over illicit wealth funneled through cryptocurrencies by criminals worldwide.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 $900 million in non-crypto (fiat currency) money laundering vs $900,000 in crypto money laundering.
 Crypto is clearly not the problem. Criminals and bad actors are.
 It would be a historic mistake to crush an entire emerging industry based on incorrect data. <a href="https://t.co/TEFEdvGG0o" rel="noopener noreferrer nofollow">https://t.co/TEFEdvGG0o</a>
 — Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1749835395385176366?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Sen. Warren pointed to a single case of $900,000 laundered by the notorious Sinaloa Cartel using digital assets supported by blockchain technology.&nbsp;
Warren cited the matter while arguing for stricter measures on crypto and virtual currencies due to the widespread illegal activities carried out via these emerging assets.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/the-role-of-crypto-in-the-forthcoming-us-elections-former-us-sec-official-john-reed-stark/" aria-label="“The Role Of Crypto In The Forthcoming US Elections: Former US SEC Official John Reed Stark” (Edit)" rel="noopener noreferrer nofollow">The Role Of Crypto In The Forthcoming US Elections: Former US SEC Official John Reed Stark</a>
However, as Lummis highlighted, Warren failed to mention nearly $1 billion in money laundering operations masterminded by the same cartel in previous years.&nbsp;
This $900 million of criminal cash was filtered through monetary systems using fiat currencies.
The data contradicts Warren’s claims that crypto is the primary channel for money laundering and criminal financing.&nbsp;
Senator Cynthia Lummis said,&nbsp;
“Crypto is clearly not the problem. Criminals and bad actors are. It would be a historic mistake to crush an entire emerging industry based on incorrect data.”
Chainalysis noted a 39% drop in illicit crypto transactions received throughout 2023.&nbsp;
Despite this decrease amounting to $24.1 billion, reports show that criminal activity tied to cryptocurrencies also declined below 0.35%, indicating a shift in asset preference for bad actors.&nbsp;
Global crypto usage increased by 34% in the same year, with over $580 million individuals around the world holding some form of cryptocurrency.&nbsp;
In the US, this has meant more scrutiny of digital assets as watchdogs like the Securities and Exchange Commission sued a basket of crypto businesses and operators for alleged violations.&nbsp;
The regulator has cases against Binance and Coinbase, the largest crypto exchanges.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/does-coinbase-has-a-high-chance-of-winning-the-sec-case/" aria-label="“Does Coinbase Has A High Chance Of Winning The SEC Case?” (Edit)" rel="noopener noreferrer nofollow">Does Coinbase Has A High Chance Of Winning The SEC Case?</a>
Coinbase, in particular, has promised to pursue litigation against the SEC for the regulator’s refusal to provide comprehensive and clear guidelines for compliant digital asset service providers.
The post <a href="https://bitcoinworld.co.in/crypto-is-not-the-problem-bad-actors-are-sen-lummis/" rel="noopener noreferrer nofollow">Crypto Is Not The Problem, Bad Actors Are – Sen. Lummis</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Crypto Is Not The Problem, Bad Actors Are – Sen. Lummis

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