(Pixabay)
By Harold Hutchison
Daily Caller News Foundation
A Fox Business contributor blasted Democratic Sen. Elizabeth Warren of Massachusetts’ recently unveiled legislation, calling it a “bullet to financial privacy” during a Friday appearance on the network.
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Warren introduced the “Digital Asset Anti-Money Laundering Act” with Republican Sen. Roger Marshall of Kansas Wednesday. If enacted, the bill would extend certain banking laws to cover cryptocurrency wallets, including the reporting of certain transactions.
The Treasury Department and the Justice Department, along with other national security experts, issued warnings that digital assets are being used more for trafficking, money laundering, financing terrorism, theft and fraud schemes and other crimes, according to a fact sheet released by Warren.
“The new crypto bill proposed by Elizabeth Warren would be a bullet to financial privacy and not fraud,” Natalie Brunell, host of the “Coin Stories” podcast, told host Charles Payne. “It’s trying to KYC [Know Your Customer] non-custodial wallets like cold storage and bitcoin miners and really it’s just directly attacking personal freedom, and the bottom line is many policy makers unfortunately at this time, they don’t understand bitcoin.”
“They don’t understand that it’s a freedom technology and a human rights tool, and property rights are really at the foundation of both, you know, prosperity and freedom,” Brunell continued. “We don’t want a dystopian surveillance state.”
“Know your customer” regulations require banks to verify the identity of account holders and to report suspicious transactions, according to Indeed.com.
The legislation would require the Financial Crimes Enforcement Network (FinCEN) to “ensure that digital asset ATM owners and administrators regularly submit and update the physical addresses of the kiosks they own or operate and verify customer identity” and require FinCEN to finalize a rule proposed in December 2020 to require banks and other financial services entities to verify identities, file reports and maintain records, according to the fact sheet released by Warren.
“This bill may have well been written by an authoritarian regime like China,” Brunell added. “It’s unconstitutional and what’s ironic is Elizabeth Warren has publicly criticized and accused other countries of human rights violations and currency manipulation and unfair economic practices and you know what my mom says, Charles? ‘When you point the finger at someone there are three fingers pointing back at you.’”
Warren did not immediately respond to a request for comment from the Daily Caller News Foundation.
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