- Despite Biden’s support, Warren maintains an anti-crypto stance.
- Crypto is shaping political discourse and voter sentiment ahead of the upcoming US elections.
Despite Biden’s recent pro-crypto stance, Senator Elizabeth Warren remains firmly anti-crypto. On May 29, at a joint letter With Senator William Cassidy, Warren shared updates from drug agencies on the role of crypto in the illicit fentanyl market.
The letter in detail
The letter to Rahul Gupta, director of the Office of National Drug Control Policy, states:
“We write to express our ongoing concerns about the role of cryptocurrency in the world international fentanyl smuggling and to request an update on that from the Biden administration actions to tackle the exploitation of crypto by drug traffickers to grow their business launder their ill-gotten gains.”
Warren’s letter underscores the significant impact of illegally produced fentanyl on the rising overdose deaths in the United States. It also highlighted the influence of cryptocurrency in enabling the fentanyl trade and money laundering.
Warren and Cassidy supported their argument with a range of data and concluded the letter by asking specific questions of the Biden administration, asking for an answer by June 14.
Source: Warren.senate.gov
Not her first time!
This isn’t the first time Warren has emphasized her strong anti-crypto stance. In October 2023, she highlighted how Hamas used cryptocurrency to finance its terrorist activities during the Israeli-Palestinian conflict.
Source: Elizabeth Warren/X
Furthermore, while citing a recent Government Accountability Office (GAO) report from January, she underscored how “rogue states are using crypto to evade sanctions and undermine our national security.”
Source: Elizabeth Warren/X
Crypto in politics or politics in crypto?
Interestingly enough, former President Donald Trump portrays himself as a pro-crypto leader in his recent speech stated,
“I will keep Elizabeth Warren and her minions away from your #Bitcoin”
This highlights how crypto has significantly influenced the 2024 presidential campaigns, leading some to call it the “Bitcoin election.”
This sentiment was reinforced by a recent one questionnaire conducted by Harris Poll on behalf of Grayscale, which highlighted:
“Nearly a third of voters (32%) say they have become more open to learning about crypto investing or actually investing in crypto since the start of the year.”
Source: Grayscale/Harris Poll