You are Going to See Senator Elizabeth Warren's Anti-Crypto Legislation Make Headlines Soon but Thankfully There is no Reason to Worry

TL;DR In the upcoming weeks expect to see lots of news about the Senate introducing some pretty significant anti-crypto legislation. Led by crypto skeptic Sen. Warren it is a reintroduction of a previous bill that failed to gain any momentum. Even if this bill passed the Senate which is far from guaranteed it is doomed in the House and will not become law. AARP lent their support to it which is just too funny to not share in the TL;DR!

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It is highly likely that over the coming days and weeks, we are going to see a resurgence of anti-crypto talk and a piece of legislation is going to be highlighted spearheading the effort. Senator Warren is a well-known crypto skeptic who has often captured media attention because of how outspoken she is about it. Last December, during the 117th Congress, she introduced the "Digital Asset Anti-Money Laundering Act of 2022" which went nowhere because Congress was only in session for two more weeks when she introduced it.

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Now that it is the 118th Congress it has been talked about for the last 4 to 5 months that she would reintroduce this legislation. This effort though has not been without ironically a Republican supporter. Senator Rodger Marshall from Kansas has teamed up with her in introducing this both in the 2022 version and the upcoming 2023 version. With 12 Senators now signed on to the legislation, 10 Democrats, and 2 Republicans (Lindsey Graham is the other Republican) the legislation is gaining a significant number of Senators since there are only 100 of them.

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This all might sound bad and super doom and gloomy but the situation is not near as bad as it looks on the surface level. The reason behind this is clear and that is that even if the Senate passed this legislation (which given what I have come to understand is still anything but certain) the House of Representatives would not even look at this legislation. Since a law needs both sides to sign off on the exact same document for it to go to the President's desk to be signed into law this clearly will not happen.

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There is more though that I think people should be aware of as well and that is that Sen. Marshall has gotten a ton of flack and backlash for working with Sen. Warren on this anti-crypto legislation. As many people have started to see Conservatives have become increasingly pro-crypto and anti-government interference with crypto. So Sen. Marshall's decision could end up having unexpected consequences for him politically moving forward.

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I have to admit I have gotten a chuckle out of who the Senators have announced have lent their support outside of Congress. The best one in my opinion is that AARP has written a letter to the Senators expressing support for this legislation... I legitimately have no idea what this crossover is but it is providing a good laugh!