In a scathing rebuke, XRP lawyer John Deaton has lashed out at Senator Elizabeth Warren for her latest letter to Treasury Secretary Janet Yellen. The letter expressed issues over stablecoins and their potential exploitation by terrorist organizations and rogue nations. In the meantime, Deaton took to social media platform X to voice his criticism.
XRP Advocate John Deaton Takes Agency Stand In opposition to Warren
John Deaton highlighted the problem as misplaced priorities on Senator Warren’s half. “Whereas Massachusetts faces a number of crises (e.g., unlawful immigration, deficit spending, revenue inequality, hovering inflation, opioid habit, elevated taxation, wealth flight, and many others.), Elizabeth Warren is working onerous on behalf of the banking trade,” Deaton wrote on X.
Furthermore, the XRP advocate emphasised the senator’s purported neglect of urgent home points, akin to these affecting Steward Hospitals. Deaton added, “Too dangerous she didn’t pay this sort of consideration on issues at house, like Steward Hospitals.”
The XRP lawyer’s remarks got here in response to a publish by Alexander Grieve, the Authorities Affairs Lead at Paradigm, a tech funding agency. In a publish on X, Grieve shared snapshots of Warren’s letter to the Treasury Secretary Janet Yellen.
Grieve wrote, “Senator Warren actually ramping up the anti-stablecoin letters. Right here’s one other one to Treasury Secretary Janet Yellen, calling on her to push for together with “nodes within the DeFi system” [sic] within the AML sections of any stablecoin laws.”
Moreover, the XRP lawyer has supplied a agency stance within the Coinbase vs SEC lawsuit. In a latest interview with Fox Journalist Eleanor Terrett, Deaton revealed that he’ll submit an amicus temporary on behalf of Coinbase in October. As well as, he added that the transfer would precede his Senate marketing campaign.
Additionally Learn: 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 deal with the perceived risk posed by cryptocurrencies to nationwide safety. In her missive, Senator Warren underscored issues over the potential exploitation of digital belongings, significantly stablecoins, by terrorist organizations and rogue nations.
The letter follows latest testimony by Deputy Secretary Adewale O. “Wally” Adeyemo earlier than the Senate Committee on Banking, Housing, and City Affairs. Throughout the listening to, Deputy Secretary Adeyemo highlighted the necessity for added anti-money laundering (AML) authorities to counter the misuse of cryptocurrencies for illicit functions.
Furthermore, Senator Warren’s letter echoed Deputy Secretary Adeyemo’s issues. As well as, it emphasised the urgency of adopting measures to forestall dangerous 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 the whole digital asset ecosystem. This contains cost intermediaries akin to miners and validators.
“The pseudonymity of crypto-asset transactions may additionally result in monetary establishments unknowingly however straight participating in what could end in illicit monetary exercise,” Senator Warren wrote. Furthermore, she cited the Federal Reserve’s denial of membership to a state-chartered crypto financial institution resulting from issues over potential hyperlinks to illicit finance.
Moreover, Warren highlighted the reliance of rogue nations like Iran on crypto financing. As well as, 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. Therefore, advocating the necessity for stringent measures to forestall terrorist organizations like Hamas from accessing digital belongings.
Additionally Learn: XRP Price: Fall To $0.3 Imminent Pre-Bitcoin Halving?
The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
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