United States Senator Elizabeth Warren is advocating for a fair and equitable regulatory framework for cryptocurrencies, as well as restrictions on Big Tech’s development of artificial intelligence (AI) models.
In a recent interview with Bloomberg Television, Warren reaffirmed her stance on cryptocurrencies and expressed her desire to work collaboratively with the industry. She emphasized the importance of having a level playing field in the financial system, where everyone abides by the same set of rules.
However, Warren noted that collaboration efforts have been hindered by the industry’s insistence on having ample room for illicit activities. She listed ransomware scammers, drug and human traffickers, and terrorists as examples of individuals for whom the crypto industry seeks concessions.
To address these concerns, Warren has introduced the Digital Asset Anti-Money Laundering Act, which aims to treat decentralized technologies like blockchain nodes, validators, noncustodial wallets, and software providers as financial institutions. This would subject them to the same regulations as banks and stock brokers.
The crypto industry has voiced its opposition to this proposed legislation, arguing that it is ill-suited for the technology and will stifle innovation and investment within the United States.
The U.S. Treasury Department has acknowledged that claims linking cryptocurrencies to terrorism have been exaggerated, further complicating the argument for stringent regulations.
In addition to her crypto-related efforts, Warren is also seeking to curtail the dominance of major tech players in the AI space. She specifically mentioned Google, Microsoft, and Amazon, stating that their size should not allow them to monopolize emerging fields like large language models.
Warren believes that these tech giants, with their vast resources and infrastructure, could potentially overshadow smaller competitors in areas such as chatbots. She views this as another battleground in her ongoing campaign against the market power and concentration of Big Tech.
Overall, lawmakers’ concerns and doubts surrounding cryptocurrencies are driving the proposed regulations in the United States. Warren’s push for a fair playing field in the crypto industry and her efforts to limit Big Tech’s dominance in AI reflect her commitment to addressing these issues.