Elizabeth Warren, a United States Senator, has called for equal opportunities in the cryptocurrency industry and restrictions on Big Tech’s development of artificial intelligence (AI) models. In a recent interview with Bloomberg Television, Warren emphasized her willingness to collaborate with the industry. However, she expressed concerns about the industry’s claim that it can only survive if there is room for illegal activities, such as ransomware scams, drug trafficking, human trafficking, and terrorism.
To address these concerns, Warren has proposed the Digital Asset Anti-Money Laundering Act, which aims to treat decentralized technologies like blockchain nodes, validators, noncustodial wallets, and software providers as financial institutions. However, the cryptocurrency industry has strongly criticized this bill, arguing that it is not suitable for the technology and will hinder innovation and investment within the United States.
The U.S. Treasury Department has acknowledged that the claims of crypto usage for terrorism are exaggerated. Despite this, Warren continues to advocate for regulations in the industry.
In addition to her stance on cryptocurrency, Warren has also expressed her desire to prevent major tech companies like Microsoft, Google, and Amazon from dominating the development of AI language models. She believes that these companies’ size and resources could stifle competition, particularly in emerging AI areas like chatbots. Warren sees this as another aspect of her ongoing campaign against Big Tech’s market power and concentration in the industry.
Overall, lawmakers’ concerns and uncertainties are driving the proposed crypto regulations in the United States.