United States Senator Elizabeth Warren, addressing the issue of cryptocurrency scams, especially those targeting senior citizens, has received backing from cybersecurity expert Steve Weisman for her legislative efforts. Warren highlighted the alarming increase in crypto scams targeting seniors, noting a 350% surge in such scams last year. This increase resulted in seniors losing over $1 billion to these scams.
During a recent Senate hearing, Weisman, recognized for his expertise in scams and cybersecurity, endorsed Warren’s Digital Asset Anti-Money Laundering Act. He emphasized the challenges of tracing crypto compared to credit card fraud, which is more transparent and easier to halt and trace. Weisman lauded Warren's bill, stating, “Your legislation is long overdue. It is a no-brainer.”
This endorsement comes amid a backdrop of rising concerns about crypto hacks and scams. Blockchain security firm Immunefi reported a 153% increase in attack incidents on crypto and Web3 projects from July to September 2023, compared to the same period in 2022, with losses amounting to approximately $686 million.
Senator Warren's bill has gained significant traction, with nine additional U.S. senators, including Gary Peters and Dick Durbin, expressing their support. The Digital Asset Anti-Money Laundering Act aims to bring digital assets under the same Anti-Money Laundering (AML) laws as traditional fiat currencies, a move considered crucial in mitigating the risk of crypto-financed scams and illicit activities.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
