Senator Elizabeth Warren Advocates for a “Level Playing Field” and Regulations in Crypto and AI

cryptonews.com:

United States Senator Elizabeth Warren has emphasized the need for a legal “level playing field” in the cryptocurrency industry and has called for restrictions on major tech companies’ development of artificial intelligence (AI) models. 

In a Bloomberg Television  interview on February 27 , Warren expressed her desire to collaborate with the crypto industry while advocating for fair regulations.

Warren argued that in the financial system, everyone should adhere to the same set of rules. 

“My view is that it’s the same kind of activity, the same kind of risk, and should have the same kind of regulations… I’m not looking for fancier regulations or anything tougher; I just want a level playing field.” 

According to her, achieving a level playing field has been hindered by claims from the crypto industry that concessions are necessary to ensure its survival. 

Warren highlighted ransomware scammers, drug and human traffickers, and terrorists as examples of actors for whom the industry seeks leniency.

To address concerns related to money laundering in the crypto space, Warren has proposed the Digital Asset Anti-Money Laundering Act. 

The legislation aims to treat decentralized technologies, including blockchain nodes, validators, noncustodial wallets, and software providers, as financial institutions similar to traditional banks and stock brokers. 

However, the bill has faced criticism from industry executives, organizations, and associations who argue that it is ill-suited for the technology and may impede innovation and investment, potentially pushing them overseas.

In addition to her focus on the crypto industry, Warren has also targeted major tech players such as Microsoft, Google, and Amazon in the realm of AI.