US Lawmaker: Crypto Is Not the Problem, Bad Actors That Exist in Every Industry Are

U.S. Senator Cynthia Lummis has defended crypto against claims that the plus people is heavy utilized successful illicit finance. Emphasizing that “Crypto is not the problem, atrocious actors that beryllium successful each manufacture are,” the lawmaker pointed retired that crypto accounts for little than 1% of each illicit concern activity. In addition, she has urged Congress to make a regulatory model to let crypto firms to run successful the U.S. alternatively of driving them to “unregulated overseas markets.”

Lawmaker Says ‘Crypto Is Not the Problem’

U.S. Senator Cynthia Lummis (R-WY) defended crypto successful effect to an article connected Forbes astir however misinformation connected Hamas and crypto fooled astir 20% of Congress.

“Crypto accounts for < 1% of each illicit concern enactment and would beryllium adjacent little if we created a regulatory operation to let the crypto manufacture to run successful America alternatively of unregulated overseas markets,” the legislator from Wyoming wrote connected societal media level X Friday. She stressed:

Crypto is not the problem, atrocious actors that beryllium successful each manufacture are.

Recently, respective quality outlets reported that Hamas had raised millions of dollars successful cryptocurrency. However, blockchain analytics steadfast Elliptic has debunked the reports, stating: “There is nary grounds to suggest that crypto fundraising has raised thing adjacent to this amount, and information provided by Elliptic and others has been misinterpreted.”

Despite Elliptic’s efforts to acceptable the grounds straight, these reports prompted 100 U.S. lawmakers, including Senator Elizabeth Warren (D-MA), to propulsion the Biden medication to code crypto-financed terrorism.

This week, U.S. Deputy Secretary of the Treasury Wally Adeyemo said the Biden medication is seeking much tools to combat the illicit usage of crypto. He emphasized that the onslaught connected Israel has brought an “increased absorption connected the illicit fiscal usage of integer assets.” Nonetheless, helium admitted that crypto is not a large source of backing for violent groups.

In February, blockchain analytics steadfast Chainalysis published a report showing that “crime arsenic a stock of each crypto enactment is inactive trending downwards.” Moreover, the steadfast stated:

Overall, illicit enactment successful cryptocurrency remains a tiny stock of full measurement astatine little than 1%.

What bash you deliberation astir the statements by Senator Cynthia Lummis astir crypto and illicit finance? Let america cognize successful the comments conception below.