Resistance Builds Against The Warren “Anti-Crypto” Agenda #CriptoNews

As Bitcoin
Bitcoin
becomes more politicized in the American context, Senator Warren has become a rallying point. She has promised to rally an “anti-crypto” army and proposed bills that try to control cryptocurrencies from a regulatory lens – by, for example, making “unhosted” wallets i.e those that permit self-custody have KYC-AML rules placed on them. This has unleashed a backlash and alternative perspectives – and one of the candidates running against her is explicitly running on a pro-Bitcoin lens.

This debate will matter as American politics focuses more on Bitcoin and CBDCs. Legislation she has proposed has drawn Republican support, some of which has been pushed back with recent political focus. Senator Roger Marshall, for example, pulled back from being a cosponsor on her bill. One politician running against her in the 2024 election, John Deaton, explicitly cited Warren’s anti-crypto agenda as a reason for him to run: “Because, you know, Elizabeth Warren, when she announced her reelection, she literally announced it based on crypto that she was going to build an anti-crypto army for her third term. And so I think, fortunately; she’s losing that battle. And she’s always been going to lose the war because I think I’m gonna beat her.”

As her newsroom put it on September, 16th, 2022, her Oversight investigations “have revealed that crypto threatens national security, climate, financial stability, and consumer and investor protections.

Bitcoin has become a big political issue, though it’s often confused with crypto at large by politicians, drawing ire from Bitcoiners. President Trump has run on a pro-Bitcoin platform amid a wave of contributions from Bitcoiners, while positioning himself as “pro-crypto”. While some of the policies he’s proposed may be more mixed in their effect – a Bitcoin reserve might centralize the affinity between state and Bitcoin rather than allowing Bitcoin to develop as an independent monetary network – and he’s raising funds with tokens, which is polarizing among Bitcoiners – it’s clear that Trump senses a turning point in the political dialogue around Bitcoin and what he calls “crypto”. The Harris campaign has, in recent days, also acknowledged that same shift, with pro-crypto representatives from the Democratic Party like Rep. Ro Khanna and Rep. Wiley Nickel coming to the floor and trying to force a rethink.

Some of this has come because of the appeal to retail investors in Bitcoin and cryptocurrencies. Some of it has also come from sentiments around inflation, user privacy, and user custody. For example, the emergency order seizure of Canadian funds raised the eyes of many and is a cause for the appeal to a right to self-custody among some politicians.

A recent study by the Nakamato Institute has brought to light the diverse political spectrum of Bitcoin holders. It’s not just libertarians who hold Bitcoin, but individuals from all across the United States. This diversity underscores that Bitcoin is no longer a partisan issue, but rather a matter of technology and those attempting to control it. It’s a reminder that at each stage of technological advancement, states have grappled with the implications of granting individuals more freedom and liberty. Now, with the modern economy built on these technologies, the state has relinquished some controls, but it still maintains a firm grip.

Given Tether’s drive to buy US debt and the dilemma of holding rates high because of debasement and the need to keep inflation away, denying cryptocurrency’s use may become futile for debt-addicted politicians. Some have sought to rally regulation around stablecoins and find a middle ground for Bitcoin.

Senator. Warren is focused on creating a regulatory framework around Bitcoin while disparaging it as a plaything for “terrorists and money launderers” – notwithstanding its use by Navalny’s Anti-Corruption Foundation, Bitcoin’s use as fundraising tool to educate girls in Afghanistan and many human rights cases. She is also encouraging anti-crypto messaging and working with regulators to advance that – as John Deaton says, “Elizabeth Warren not only gave Gary Gensler the questions that she was going to ask him at a hearing – she gave him the answers.”

As Republican legislators withdraw from her bill and the Harris campaign withdraws from her messaging, it can be easy to say that Senator Warren’s message has faded entirely. However, her effect still holds sway, including even in the Harris campaign’s attempt to signal a “reset” – with a pro-Warren faction still disparaging Bitcoin. Recent polling indicates that her Republican challengers are going to have an uphill battle to actually unseat her. Yet the momentum clearly seems to have turned against Sen. Warren’s bills and messaging, with members of her own party seeking a different path.

For somebody who has claimed her position is for working people and against big banks, Sen. Warren now finds herself in league with the same banks she claims to decry – with many banks part of official or shadow efforts (such as Operation Chokepoint 2.0) to shut down Bitcoin. Her extreme anti-crypto position and platform has, however, inspired resistance to her policies and messaging—as well as at least one candidate who is trying to beat her for her agenda.