Elizabeth Warren Declares War on Crypto Miners, Especially Foreign-Owned Facilities, Citing Environmental and National Security Risks

Well-known cryptocurrency critic and United States Senator Elizabeth Warren is waging war on digital asset miners, especially foreign-owned facilities, for their supposed risks to environmental and national security.

Senator Elizabeth Warren Raises Concerns Over Foreign-Owned Crypto Mining Facilities, Sparking Debate

Well-known cryptocurrency critic and United States Senator Elizabeth Warren is continuing her campaign against digital asset miners, especially those that are foreign-owned, due to their supposed environmental and national security risks.

During a recent Senate Committee on Banking, Housing, and Urban Affairs hearing, Warren questioned the Treasury Department's assistant secretary for investment security, the Honorable Paul Rosen, about the threat such entities pose on U.S. soil. It is waging war against foreign-owned facilities because of alleged environmental and national security risks.

At a Senate Banking, Housing and Urban Affairs Committee hearing, U.S. Sen. Elizabeth Warren, a prominent cryptocurrency critic, spoke out against Paul Rosen, Assistant Secretary of the Treasury and Investment Security, on U.S. soil. We asked questions about entities that pose a threat.

Threats on U.S. soil

Warren said that one-third of cryptocurrency mining facilities in the United States are owned by Chinese nationals and people with direct ties to the Chinese government, and that these facilities are owned by the U.S. energy sector, energy resources, and energy supply grid. He claimed that it could be used for U.S. intelligence activities and threats against the United States. He cited a New York Times article that reported that Chinese-owned Bitcoin mining facilities in the United States use enough energy to power 1.5 million homes.

According to Warren, these mining facilities are noisy, hot, and "consume a lot of electricity" and could bring down the U.S. power grid. He called crypto mining an environmental disaster and posing a national security risk.

“U.S. adversaries are using crypto mining facilities to spy on U.S. military operations. This is an obvious national security risk. But that is not the only risk. Foreign-owned crypto mining The facility also poses a threat to the U.S. power grid.

National security experts warn that the connection of foreign-owned crypto mining facilities to the U.S. power grid leaves the United States vulnerable to targeted power outages and cyberattacks,” the politician said. Ta.

Additionally, Warren notes that these foreign nationals can purchase US-based crypto mining facilities by paying in cryptocurrencies, circumventing the traditional banking system and its anti-money laundering (AML) controls. He explained. He emphasized the need to "close loopholes" by introducing AML rules in the crypto sector.

Senator Roger withdraws support for DAAMLA

Senator Warren's latest attack on crypto miners comes in the wake of Sen. Marshall Rodger's withdrawal of support for the Digital Assets Anti-Money Laundering Act (DAAMLA), which he co-sponsored and introduced last year.

DAAMLA is an anti-cryptocurrency bill aimed at subjecting the industry to existing AML laws and anti-terrorism money laundering networks. The bill has support from multiple organizations, including the Bank Policy Institute, the National District Attorneys Association, and the Consumer Federation of America.

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