By Mark Hunter
1 day agoFri May 24 2024 08:27:47
Reading Time: 2 minutes
- Elizabeth Warren’s anti-crypto campaign has faced multiple setbacks since its announcement last March
- The SEC has approved Bitcoin ETFs and is on the verge of doing the same with Ethereum
- The White House has announced plans to work with Congress on a balanced cryptocurrency legislation framework
Senator Elizabeth Warren has been a vocal critic of the cryptocurrency industry, famously declaring her intent to build an “anti-crypto army” to outlaw digital assets. However, recent developments indicate that her campaign is struggling to gain traction; instead of moving closer to her goal, the tide appears to be turning against her, with significant regulatory advancements and shifting political attitudes towards cryptocurrencies. Is there any hope left for her beleaguered army?
Warren Aimed to Protect “Working Families”
Senator Warren announced her anti-crypto army last March as part of her re-election campaign, tweeting out an audio snippet from Politico over her crypto ambitions that she was “in this fight to put our government on the side of working families.” Her plan included the idea working families should, for some reason, not be allowed to buy cryptocurrencies, and came off the back of a proposed ban on TikTok in the US.
The past 12 months have seen a dramatic swing against Warren’s viewpoint, however, with a supposed ally, the U.S. Securities and Exchange Commission (SEC), approving Bitcoin ETFs in January and this week taking the final steps along the path to approving Ethereum ETFs.
These twin approvals represent a major endorsement of digital assets, providing them with a level of legitimacy that directly counters Warren’s anti-crypto stance. The SEC’s decision indicates a recognition of the growing demand for cryptocurrency investment options and a willingness to integrate them into the broader financial system.
The approval of Bitcoin ETFs in particular was a landmark event, signaling a shift in regulatory perspective and a massive blow to Warren’s battle plan. It paved the way for this week’s de facto approval of the Ethereum ETF, further entrenching cryptocurrencies within the financial mainstream. These decisions suggest that the SEC is more interested in creating a regulated environment for cryptocurrencies rather than outright banning them, which runs contrary to Warren’s objectives.
White House Wants to Work on Crypto Framework
Adding to Warren’s challenges, the White House this week announced its intention to collaborate with Congress on a comprehensive cryptocurrency legislation framework, and approach that signifies a pragmatic recognition of the need to balance regulation with innovation.
By working with Congress, the administration aims to create a balanced regulatory environment that addresses risks without stifling technological advancement, a cooperative stance that further undermines Warren’s calls for a hardline approach against cryptocurrencies.
Warren’s plan to outlaw cryptocurrencies suddenly looks out of date and doomed to failure, given that it is now increasingly at odds with the current regulatory and political landscape, even within her own party. As the industry gains legitimacy and support from key regulatory bodies, Warren’s anti-crypto campaign faces mounting obstacles, making her ideas for an army reminiscent of a child’s bucket of toy soldiers rather than an actual unit ready for a battle.
