Massachusetts Senator Elizabeth Warren stirred up controversy on social media with what appeared to be a proposed anti-crypto policy. However, it was soon revealed that the letter containing the proposal was a fake.
On April 21, Crypto Twitter was abuzz with dismay as a seemingly genuine letter from Senator Warren to President Joe Biden circulated. The letter, which even misspelled the senator’s first name, suggested implementing a 1% wealth tax on crypto holdings exceeding $500,000.
The letter urged President Biden to support Senator Warren’s crypto-related legislation as part of an effort to address issues in the U.S. financial system. Despite several social media users pointing out discrepancies between the letter and reality, some crypto enthusiasts were unwilling to accept the truth.
While there was no sign of such a letter on Senator Warren’s official website, Cointelegraph reached out to her office for comment but received no response.
Senator Warren has been known as one of the leading voices against cryptocurrencies in Congress, often linking digital assets to illicit activities such as terrorism financing. Her proposed Digital Asset Anti-Money Laundering Act has faced criticism from many crypto advocates and lawmakers, who deem it ineffective in combatting illicit financing.
In the upcoming November election, Warren is expected to face off against Republican candidate and crypto lawyer John Deaton. Deaton has already raised approximately $1.36 million for his campaign, with $1 million coming from his own funds, surpassing Warren’s $1.09 million. Additionally, Deaton has requested to serve as a friend of the court in Coinbase’s civil lawsuit with the U.S. Securities and Exchange Commission.
Opinions vary on the crypto stance of different political parties, with some considering GOP crypto maximalists as detrimental as the Democrats’ “anti-crypto army.”