ChainCatcher news, according to Bloomberg, Massachusetts Senator Elizabeth Warren is set to become the top-ranking Democrat on the Senate Banking Committee. As a major critic of Federal Reserve Chairman Powell, large banks, and the cryptocurrency industry, she will succeed Sherrod Brown, who lost in his re-election campaign.Warren stated in a declaration: "It is crucial that after the 2024 elections, Democratic leadership demonstrates that we can make life more affordable for working families and urgently take action to rebuild the middle class." Warren has previously called for stronger regulation of the cryptocurrency industry and has been critical of traditional financial institutions.

ChainCatcher News, U.S. Senator Elizabeth Warren defeated cryptocurrency-supporting Republican candidate John Deaton in the Senate race, winning the election in Massachusetts on Tuesday evening.This will be Warren's fourth term in the U.S. Senate. She is a member of the Senate Finance Committee and the Senate Banking Committee, the latter of which has jurisdiction over the U.S. SEC and CFTC. Warren has consistently criticized the cryptocurrency industry and supports an anti-money laundering bill that would extend the requirements of the Bank Secrecy Act (including KYC rules) to miners, validators, and wallet providers.

ChainCatcher news, many investors and some economists are concerned that the Federal Reserve has waited too long, putting the labor market and economic growth on thin ice, and injecting volatility into the financial markets. The latter was evident in last Friday's U.S. Treasury market, when traders suddenly resumed bets on a 50 basis point rate cut. The presidential election in November has also put the Federal Reserve's decision-making in an uncomfortable position. Republican candidate and former President Trump warned that the Federal Reserve should not cut rates before the election, while Democratic Senator Elizabeth Warren pressured officials to lower rates by 75 basis points.

ChainCatcher news, during a hearing held by the Senate Banking, Housing, and Urban Affairs Committee on Thursday, U.S. Senator Elizabeth Warren questioned Assistant Secretary for Investment Security Paul Rosen from the Treasury Department about the threats posed by foreign-owned cryptocurrency mining operations in the United States.Senator Elizabeth Warren claimed that the U.S. cryptocurrency mining industry poses a threat to national security, stating that "cryptocurrency mining operations run by foreign adversaries" could be used to "monitor U.S. military operations."Warren added that "foreign-owned crypto mines also threaten the power grid, and their connections to the U.S. grid could make the U.S. vulnerable to targeted blackouts and cyberattacks."

ChainCatcher news, according to The Block, U.S. Senator Roger Marshall has withdrawn his support for the anti-money laundering bill proposed by Elizabeth Warren. This move comes amid significant pressure from the crypto industry and the backdrop of Donald Trump's support for crypto.Marshall became the first co-sponsor to withdraw support this week, although the bill still has the backing of 18 other senators. The bill aims to strengthen the U.S. anti-money laundering regulations for digital assets, requiring digital asset service providers, miners, and validators to adhere to stricter customer identification and anti-money laundering responsibilities. The crypto industry has strongly opposed this bill, arguing that it would negatively impact decentralized finance and could stifle innovation in the industry. The Chief Policy Officer of the Digital Chamber stated that the bill is essentially a "backdoor ban" on blockchain technology.

ChainCatcher news, Republican Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act, which he co-authored with Democratic Senator Elizabeth Warren in 2022, aimed at regulating the cryptocurrency industry under the existing anti-money laundering and counter-terrorism financing framework.Currently, according to the official congressional directory regarding the bill, there are still 18 senators supporting the legislation.

ChainCatcher news, in response to current U.S. Democratic Senator Elizabeth Warren urging the U.S. Securities and Exchange Commission to investigate Tesla's independence, Elon Musk responded and disclosed reports that Elizabeth Warren's main economic and tax advisor is SBF's father, suggesting that Elizabeth Warren's investigation into Tesla may be influenced by SBF's father.Elizabeth Warren is not friendly towards cryptocurrency, and several industry heavyweights, including Coinbase CEO Brian Armstrong, have questioned Senator Elizabeth Warren's anti-crypto stance.

ChainCatcher news, according to The Block, U.S. Senator Elizabeth Warren stated that she is willing to work with the cryptocurrency industry but reiterated that the cryptocurrency industry must adhere to the same rules as traditional finance. Senator Warren is a member of the Senate Finance Committee and the Committee on Banking, Housing, and Urban Affairs. She has been critical of cryptocurrencies and has recently pushed for her anti-money laundering bill.In an interview with Bloomberg Television, Elizabeth Warren said, "I want to work with the industry. What I don't understand is why this industry seems to say that only by leaving enough space for drug dealers and human traffickers can they survive, oh, and also terrorists, ransomware scammers, consumer fraudsters, and rogue nations. About half of North Korea's nuclear missile program is funded by cryptocurrency, and all of this must remain open."Additionally, Warren reiterated her stance that it must follow the same rules as traditional finance. She said, "Remember, in our financial system, almost everyone follows the same set of rules. I'm talking about banks, credit unions, credit card companies, gold traders, and stock brokers. Private equity funds now also have to follow the rules. Precious metals traders, Venmo, Western Union, but not including cryptocurrency."

ChainCatcher news, according to The Block, Coinbase issued a letter to Senator Elizabeth Warren on Saturday, rebutting her claim that Coinbase employs former legislators and law enforcement officials in a "revolving door" manner to combat regulatory restrictions. In its response, Coinbase criticized Warren's accusation as "deliberately distorting our intentions and efforts," claiming that these employees represent "the best talent at all levels," and that Coinbase supports "responsible regulation and legislation" in the cryptocurrency space.Note: "Revolving door" refers to the phenomenon of government officials retiring or leaving office to take positions in businesses or schools.

ChainCatcher news, according to The Block, Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act has gained five new supporters among U.S. senators. Three of the new members serve on the Senate Banking Committee alongside Elizabeth Warren. The committee may play a significant role in cryptocurrency legislation that could pass next year.It is reported that the Digital Asset Anti-Money Laundering Act has faced criticism from the crypto industry, as the bill aims to extend the requirements of the Bank Secrecy Act to miners, validators, wallet providers, and KYC, among others. Elizabeth Warren stated, "Cryptocurrency technology should be governed by the same transparency rules as traditional banks to protect the American people and help ensure it is not used to facilitate illegal activities by criminal enterprises and rogue nations."