Elizabeth Warren highlights rise in crypto rip-offs versus senior citizens, backs brand-new protective legislation Mike Dalton · 1 month ago · 2 minutes checked out
A Bentley University speaker backed Warren’s Digital Asset Anti-Money Laundering Act.
2 minutes checked out
Upgraded: November 17, 2023 at 11:09 pm
Gage Skidmore/ CC BY-SA 2.0/ Wikimedia. Remixed by CryptoSlate
Senator Elizabeth Warren alerted of cryptocurrency frauds targeting senior citizens throughout a U.S. Senate Special Committee on Aging on Nov. 16.
There, Warren mentioned data from the FBI showing that crypto scams took $2.5 billion from customers in 2022. She included that this scams mainly targets customers.
She stressed that such scams typically targets the aging population, keeping in mind that in 2015 saw a 350% increase in crypto financial investment rip-offs targeting senior citizens. Warren stated that this was the biggest boost for any age. She stated that this totaled up to over $1 billion in losses for elders and stated that the overall is “practically definitely an underestimate.”
Warren likewise talked to a skilled witness, Steve Weisman, an attorney and Senior Lecturer at Bentley University and the primary editor for Scamicide.com.
In reaction to Warren’s concerns, Weisman recommended that elders are particularly susceptible to cryptocurrency frauds due to the fact that of modifications to the brain associated with aging, along with greed and the “worry of losing out” (FOMO) that prevails in crypto.
Weisman recommended that cryptocurrency’s privacy is “great” and help fraudsters. He stated that although particular attacks have actually been traced, crypto that is moved through coin mixers is challenging to trace. He included that deceitful crypto deals are complicated to obstruct, unlike scams including conventional approaches such as charge card.
Weisman backs Warren legislation
Weisman backed Warren’s proposed legislation, calling it “long past due” and “something that definitely would assist immeasurably.”
The legislation in concern is Warren’s Digital Asset Anti-Money Laundering Act, which was reestablished in July 2023 and has actually because acquired additional assistance.
To name a few things. the law would extend know-your-customer (KYC) requirements to extra members of the blockchain market, would extend reporting requirements to some deals including more than $10,000 in digital possessions, and would present record-keeping requirements around “unhosted” or self-custodial wallets.
Warren is popular for her extreme anti-cryptocurrency position. She has actually likewise highlighted numerous other problems, such as cryptocurrency’s function in the drug trade, tax evasion, and terrorist funding.
