Elizabeth Warren & 103 Lawmakers Sign Letter To Warn Against Crypto Funding Terrorism

President Donald Trump was forewarned against using his authority to outlaw cryptocurrencies in a letter that was sent on Wednesday by Democratic senator from Massachusetts Elizabeth Warren and 103 other members of Congress.

The congressmen expressed their serious worry in their letter that a total ban on all digital currencies, such as bitcoin and ether, would hinder innovation and essentially exclude Americans from taking part in the burgeoning cryptocurrency industry.

The letter comes at a time when experts are warning that terrorists might use virtual currency exchanges like Coinbase, which lets users buy and sell digital assets like bitcoin and ethereum, to get around U.S. sanctions.

A letter to the Securities and Exchange Commission (SEC) from Massachusetts senator and presidential candidate Elizabeth Warren and 103 other members of Congress warns that cryptocurrencies might be exploited by terrorists.

According to the letter, we are worried that virtual currencies might be used to finance unlawful operations. Please keep an eye on changes in this area, as we request.

Given how strictly regulated cryptocurrency exchanges are now, it seems doubtful that the SEC will take any significant regulatory action against cryptocurrencies in general or Bitcoin in particular. The letter does, however, draw attention to one possible issue with cryptocurrencies: their degree of anonymity.

The letter claims that since virtual currencies are distributed in an anonymous manner, it is impossible to identify the source of illicit behavior.