Warren AML Law, Another Law "Invention" That Could Threaten Financial Freedom And Privacy.

✔ Original Title: Warren AML Law, Another Law "Invention" That Could Threaten Financial Freedom And Privacy. Again More Of The Same.

There comes a time when one gets tired of hearing the same old rhetoric from the enemies of cryptocurrencies, who either don't understand them or who see new technologies as if they were "THE INCARNATION OF EVIL". Those who do not stop to think about how technology itself is not to blame for the bad actions that people commit. Now, US Senator Elizabeth Warren has gone a step further and introduced a bill that once again threatens the financial freedom that cryptocurrencies represent.

This is a bipartisan bill that aims to regulate digital assets, such as cryptocurrencies, to prevent money laundering and terrorist financing. Sounds good right? Who could be against fighting crime and protecting consumers? Well, it turns out that Warren's AML law is much more than that. This latest brainchild of these outdated and out-of-touch politicians is the so-called "Anti-Money Laundering of Digital Assets (AML) Law", which aims to subject digital assets to a separate set of standards that would be stricter and restrictive than those that apply to fiat money. According to Warren, this measure is necessary to combat the financing of terrorism, drug trafficking, tax evasion and other illicit activities carried out with cryptocurrencies.

But Warren's AML law goes further. It extends the jurisdiction of the Financial Crimes Enforcement Network (FinCEN) to “decentralized entities”, such as decentralized finance (DeFi) protocols and decentralized autonomous organizations (DAOs). These are platforms that operate without intermediaries, without central authority and without government control. They are the essence of financial freedom and privacy, allowing users to interact directly with each other, without restrictions or censorship.

The law would also prohibit the use of digital asset mixers, which are tools that allow the origin and destination of transactions to be hidden, thus increasing the anonymity and privacy of users. This would especially affect people living in countries with authoritarian regimes, corruption, or economic instability, who use cryptocurrencies as a way to escape the control and oppression of their governments.

Warren's AML law is not only a threat to cryptocurrencies and financial freedom, but also to innovation and technological development. By imposing excessive and arbitrary regulations, the law would discourage the creation and use of new crypto-based products and services, which could offer solutions to social, economic and environmental problems. The law could also lead to a flight of talent and capital to other countries that are more favorable to cryptocurrencies, which would affect the competitiveness and growth of the United States.

Warren's AML law is an attempt to stop the advance of cryptocurrencies and maintain the status quo of the traditional financial system, which benefits banks, corporations and politicians, but excludes, exploits and oppresses the majority. It is a declaration of war against cryptocurrencies and financial freedom.

But what does this law really mean for cryptocurrency users? Well, basically, they would have to give up their anonymity, their privacy and their autonomy. The law would require companies that provide cryptocurrency-related services, such as wallets, exchanges, miners and decentralized finance (DeFi) protocols, to register with the government, maintain records of transactions, verify the identity of their customers and report any activity suspicious.

Depending on how the concept of "decentralized entity" is defined and applied, some possible effects would be having to provide more personal and financial information to regulated entities, such as exchanges, DeFi platforms or DAOs, which could reduce your privacy. and expose ourselves to security risks. Can you imagine having to give your name, address, phone number, email, identity documents, bank account and transaction history to a platform that you do not know, that has no guarantees or responsibilities, and that could be hacked or intervened by The authorities? Do you think it's fair that the government can access your data without your consent and without a court order?

We could also face more restrictions and requirements to access certain digital asset-based services or products, which could limit our financial freedom and ability to innovate. Think about how you would feel if you couldn't use your favorite wallet, lending protocol, exchange platform, or governance project because it doesn't comply with the Warren AML regulations? Do you think it's fair that the government can decide what you can do with your money and who you can do it with?

I had forgotten to mention, I think I should have started there, that Elizabeth Warren is a Democratic senator from the United States who has been very critical of cryptocurrencies, arguing that are a threat to national security, financial stability and consumer protection. Warren considers Bitcoin a "fourth-rate alternative to real currency" and has introduced several bills seeking to regulate digital assets with stricter standards. She is an academic specializing in bankruptcy law, who has been a professor at several universities, including Harvard. She has been noted for her advocacy for consumer, worker, and minority rights, as well as her opposition to banks, corporations, and corrupt politicians. She was a candidate for the presidency of the United States in 2020, but she withdrew from the race after disappointing results in the Democratic primaries. Warren is currently campaigning for her re-election as senator from Massachusetts in 2024.

Regardless of the above and as "a coin has two sides", it would be unfair not to mention that she has also been very critical of banks and corporations, arguing that they are responsible for inequality, corruption and the economic crisis. In his favor we can say that he has made statements related to wanting to end the power of banks and large companies in the US and that he presented a plan to tax large US companies. He has also warned about the risk of a new financial crisis suggesting that the banks are to blame for the current crisis. At other times he has criticized large companies for their lack of social and environmental responsibility, denouncing the corruption of politicians and corporations in the US. He has also proposed limiting the power of lobbies in Washington and implementing radical reforms in the system US financial.

Among Warren's reasons are that banks and corporations have received government bailouts and subsidies, while exploiting and laying off their employees, evading taxes, and harming the planet. They wield enormous political influence, financing campaigns, lobbying legislators, and capturing regulatory agencies, to defend their interests and avoid accountability. They have also created a complex, opaque and risky financial system, which has caused crises, fraud and bubbles, affecting the stability and well-being of the economy and society.

Although according to some experts, the Warren AML Law only brings benefits to users with greater protection, transparency, trust and security in the digital asset market. Well, this is what proponents of the law say, who argue that regulation is necessary to prevent fraud, theft, manipulation and abuse in the digital asset sector. But is it really like that? Or is this an excuse to control and limit the development of an industry that threatens the power and interests of banks, corporations and governments? The law could threaten the financial freedom and privacy of digital asset users by imposing excessive and restrictive regulatory requirements that could limit innovation, competition and financial inclusion, depriving us of our right to be free and use the money we want, as we want and when we want. What do you think?

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💖 Originally Posted: Publish0x