There is no consensus among US lawmakers in terms of control over cryptocurrencies because some are suggesting tougher measures due to money laundering fear.
A case cited by Senator Elizabeth Warren recently involves the Sinaloa Cartel, which employed digital assets to launder $900, 00 including crypto as a channel for criminal acts.
On the other hand, Senator Cynthia Lummis argued that Warren did not mention over a billion dollars laundered by this cartel through traditional fiat currencies in preceding years. She claimed that it is not crypto but rather criminals and bad actors who will always find a means of laundering money.
Supporting Lummis’ statement, Chainalysis data reveals that illicit crypto usage declined by 39% in the year 2023. However, this drop in revenue did not stop US regulators from intensifying their efforts against the crypto industry by suing Coinbase and Binance among others for alleged violations.
Coinbase has declared that it will go to court with the SEC, stating that without clear regulations by the watchdog applying them is very difficult.
While the debate about crypto regulation will certainly go on, as its potential is realized by believers of this industry to remake finance and opponents argue that it can be easily abused.
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