A Threat on U.S. Soil
US Senator Elizabeth Warren has expressed strong criticism towards foreign-owned cryptocurrency mining facilities, claiming they pose significant risks to national security and the environment. During a Senate Committee on Banking, Housing, and Urban Affairs hearing, Warren highlighted concerns that Chinese citizens and those with ties to the Chinese government own a substantial portion of US-based crypto mining operations. She emphasized the potential for these facilities to be used for espionage and to disrupt the US energy grid, citing a New York Times report on their energy consumption.
Environmental and Security Concerns
Warren described these mining operations as “loud, hot, and energy-intensive,” warning they could crash the nation’s power grid and are an environmental disaster. She further asserted that the facilities could be exploited to spy on US military operations and facilitate targeted blackouts and cyber-attacks, posing significant national security threats.
Call for Stronger Regulations
Warren urged the implementation of stricter anti-money laundering (AML) rules within the crypto sector, noting that foreign entities have bypassed traditional banking systems by using cryptocurrencies for transactions.
Sen. Roger Drops Support for DAAMLA
Warren’s criticism comes as Senator Roger Marshall withdrew his support for the Digital Asset Anti-Money Laundering Act (DAAMLA), an anti-crypto bill they jointly sponsored. DAAMLA seeks to apply existing AML laws to the crypto industry and has garnered support from several organizations.
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