Cybersecurity Expert Supports Sen. Warren’s Crypto Bill
- Crypto crimes targeting older users have increased in recent months.
- Blockchain security company Immunefi claims that attacks targeting crypto platforms surged by 153% between July and September 2023.
- Senator Warren introduced the Digital Asset Anti-Money Laundering Act to protect users from crypto fraud.
Senator Elizabeth Warren’s push to tackle cryptocurrency fraud affecting elderly users gained momentum in a recent Senate hearing. Interestingly, cybersecurity expert Steve Weisman endorsed the legislation.
Warren, a vocal critic of the crypto industry, remarked that crimes affecting older users have increased in the last year and deserve urgent attention. She said in the hearing:
Last year, we saw a 350% increase in crypto investment scams targeting seniors. That is the biggest spike among all age groups. That added up to more than $1 billion that seniors lost in crypto scams.
Weisman supported Warren’s claims during the hearing, claiming that crypto-based frauds are more difficult to tackle than conventional credit card frauds. Weisman pointed out that once crypto passes through mixers, tracing becomes notably challenging.
He explained that with crypto, “once it goes into the mixers, then you have problems. There is a legitimate privacy concern that people may have, but it does not come anywhere near the scammers.”
Expressing his support for Warren’s Digital Asset Anti-Money Laundering Act, Weisman emphasized the legislation’s significance in subjecting digital assets to the same anti-money laundering (AML) laws as traditional fiat currency. He also praised Warren’s initiative as a “no-brainer.”
Recent research shows a notable increase in crypto hacks and frauds in 2023 Q3. Blockchain security company Immunefi claims that attacks targeting crypto platforms surged by 153% between July and September 2023. These attacks wiped off around $686 million.
This is not the first time that Warren’s crypto bill has received support. The senator has been gradually garnering support for her bill to protect users from crypto fraud. Warren recently revealed that nine US senators have publicly supported the Digital Asset Anti-Money Laundering Act. Some of the notable supporters include Gary Peters, a member of the Senate Homeland Security and Governmental Affairs Committee, and Dick Durbin, the chair of the Senate Judiciary Committee.
Warren’s proposal has also received bipartisan backing, indicating a growing understanding of the need to address the vulnerabilities in the cryptocurrency market and introduce a sense of safety for users.