The Crypto Ecosystem Discusses Warrne's Bill

(MENAFN- B2Press) In recent headlines in the crypto ecosystem, US Senator Elizabeth Warren's Cryptocurrency bill has made a significant impact. While the bill has garnered support from other senators who are members of the banking committee, the crypto ecosystem views the bill as an 'attack on technological progress .

TURKEY- In the final weeks of 2023, the agenda of the cryptocurrency ecosystem was dominated by the Digital Asset Anti-Money Laundering (AML) bill proposed by US Senator Elizabeth Warren. Known for her strong stance against major technology companies in the past, Warren's bill aims to prevent the use of cryptocurrencies in criminal activities such as money laundering, ransomware attacks, sanctions evasion, and drug trafficking. The bill seeks to classify crypto companies, miners, and wallets in the same way as financial institutions under the Bank Secrecy Act and enforce strict reporting requirements. Despite gaining the support of five more senators, three of whom are from the banking committee, on December 11, 2023, some still interpret the bill as a“direct attack on technological

Gate Global Growth Director Kafkas Sönmez shared his evaluation and stated, "Elizabeth Warren's proposal created a short-term shock effect in the crypto ecosystem. However, it's worth noting that out of the 330 bills she has introduced or supported during her 11-year tenure as a senator, only 11 have become law. This observation has helped to temper the issue."

Gate Global Growth Director Kafkas Sönmez emphasized the need for global authorities to abandon the "elephant in the room" approach when evaluating technologies like blockchain and Web3. He stated, "Cryptocurrency and blockchain are now part of our lives, used by real people. Data shows that cryptocurrency users have been growing consecutively by at least two digits since 2020. On the other hand, a report published by TRM Labs, a company specializing in blockchain analytics, on December 16th revealed that hack incidents in the crypto markets decreased by 50% in 2023 compared to the previous year. While there were nearly $4 billion in losses due to crypto hacks in 2022, in 2023, this figure was measured at only $1.7 billion. Such developments support the notion that cryptocurrency is not inherently a tool for misuse."

Kafkas Sönmez, noting the oppressive attitude of bureaucrats like Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, and Warren towards the crypto ecosystem in the United States since the beginning of the year, expressed that it has had an impact on crypto activity in the country. He stated, "According to a16z, the United States, which has been a pioneer in innovation in almost every field, seems to be missing out on opportunities in cryptocurrencies, blockchain, and Web3. In 2018-19, 22% of global crypto website traffic came from the United States, but this figure dropped to the 15% range in the 2021-22 period. Crypto developers have experienced a 10% decline. While the crypto ecosystem finds Warren's bill meaningful in preventing money laundering, it believes it does not align with America's libertarian values."

“Gate, which ranks among the top 10 cryptocurrency exchanges in the world in terms of trading volume according to Coinmarketcap data, celebrating its first year as the number one exchange in Turkey, is one of the strong players supporting increased adoption.," concluded Gate Global Growth Director Kafkas Sönmez in his remarks.”

“With the motto 'Opening the Door to Crypto,' we make trade with over 1,700 cryptocurrencies possible. Gate is committed to the security of user funds with a 100% reserve-proof guarantee. Additionally, we support constructive regulatory efforts in every market we operate in."

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