In a scathing rebuke, XRP lawyer John Deaton has lashed out at Senator Elizabeth Warren for her current letter to Treasury Secretary Janet Yellen. The letter expressed issues over stablecoins and their potential exploitation by terrorist organizations and rogue nations. Meanwhile, Deaton took to social media platform X to voice his criticism.
XRP Advocate John Deaton Takes Firm Stand Against Warren
Deaton highlighted the problem as misplaced priorities on Senator Warren’s half. “While Massachusetts faces several crises (e.g., illegal immigration, deficit spending, income inequality, soaring inflation, opioid addiction, increased taxation, wealth flight, etc.), Elizabeth Warren is working hard on behalf of the banking industry,” Deaton wrote on X.
Moreover, the XRP advocate emphasised the senator’s purported neglect of urgent home points, similar to these affecting Steward Hospitals. Deaton added, “Too bad she didn’t pay this kind of attention on matters at home, like Steward Hospitals.”
The XRP lawyer’s remarks got here in response to a put up by Alexander Grieve, the Government Affairs Lead at Paradigm, a tech funding agency. In a put up on X, Grieve shared snapshots of Warren’s letter to the Treasury Secretary Janet Yellen.
Grieve wrote, “Senator Warren really ramping up the anti-stablecoin letters. Here’s another one to Treasury Secretary Janet Yellen, calling on her to push for including “nodes in the DeFi system” [sic] within the AML sections of any stablecoin laws.”
Furthermore, the XRP lawyer has offered a agency stance within the Coinbase vs SEC lawsuit. In a current interview with Fox Journalist Eleanor Terrett, Deaton revealed that he’ll submit an amicus temporary on behalf of Coinbase in October. In addition, he added that the transfer would precede his Senate marketing campaign.
Also Read: Coinbase Vs Sec: John Deaton Vouches to File Amicus Brief for Coinbase Customers
Contents Of Senator Elizabeth Warren’s Letter
On April 16, Senator Warren penned a letter to Treasury Secretary Janet Yellen. She known as for decisive motion to handle the perceived risk posed by cryptocurrencies to nationwide safety. In her missive, Senator Warren underscored issues over the potential exploitation of digital belongings, notably stablecoins, by terrorist organizations and rogue nations.
The letter follows current testimony by Deputy Secretary Adewale O. “Wally” Adeyemo earlier than the Senate Committee on Banking, Housing, and Urban Affairs. During the listening to, Deputy Secretary Adeyemo highlighted the necessity for extra anti-money laundering (AML) authorities to counter the misuse of cryptocurrencies for illicit functions.
Moreover, Senator Warren’s letter echoed Deputy Secretary Adeyemo’s issues. In addition, it emphasised the urgency of adopting measures to stop unhealthy actors from exploiting the anonymity and decentralization of cryptocurrencies. Citing Treasury’s November 2023 letter to Congress, Senator Warren known as for the inclusion of AML/CFT necessities for all the digital asset ecosystem. This contains cost intermediaries similar to miners and validators.
“The pseudonymity of crypto-asset transactions may also lead to financial institutions unknowingly but directly engaging in what may result in illicit financial activity,” Senator Warren wrote. Moreover, she cited the Federal Reserve’s denial of membership to a state-chartered crypto financial institution as a consequence of issues over potential hyperlinks to illicit finance.
Furthermore, Warren highlighted the reliance of rogue nations like Iran on crypto financing. In addition, she warned of the dangers related to excluding key gamers within the crypto ecosystem from regulatory scrutiny. She cited estimates of Iranian income from validating crypto transactions. Hence, advocating the necessity for stringent measures to stop terrorist organizations like Hamas from accessing digital belongings.
Also Read: XRP Price: Fall To $0.3 Imminent Pre-Bitcoin Halving?
The offered content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.
