Check Out the Latest on Google News: Stuart Alderoty Fires Back at Elizabeth Warren
Ripple's Lead Counsel Criticizes Senator Warren for Hindering Progress of Stablecoin Legislation
Stuart Alderoty, Ripple's chief legal officer, lashes out at Senator Elizabeth Warren for her ongoing battle against key stablecoin legislation.
Alderoty accuses Warren of blindly pursuing an all-out war on crypto, even though he believes the legislation is intended to safeguard stablecoin users.
On the contrary, Warren maintains the bill will foster corruption, arguing against its passage.
Warren's critics contend that the Senate could soon endorse the so-called "grift" by passing the GENIUS Act, as she claims.
Recent developments show some pro-crypto Democrats have begun to reconsider their stance on the bill, potentially jeopardizing its approval. Senate Minority Leader Chuck Schumer is chief among them, with growing concerns about Tether.
Elizabeth Warren's staunch anti-crypto advocacy finds roots in several key issues:
- Allegations of Trump's Stablecoin Corruption: Warren suspects the GENIUS Act could provide an opportunity for corrupt deals, specifically surrounding the Trump-backed stablecoin, USD1, due to its association with UAE-based MGX[5].
- Insufficient Anti-Money Laundering and National Security Safeguards: Warren voices concern over the bill's exemption of robust anti-money laundering measures and national security protections, a concern echoed by other senators, leading to withdrawals of support from at least 10 of them[5].
- Prevention of Big Tech Involvement: Warren insists that the bill should bar large corporations like Meta from issuing stablecoins, due to the potential risk of financial privacy intrusions[3][4].
- Unfair Enrichment Concerns: Warren raises alarm about the potential appropriation of unjust benefits for specific entities, such as the Trump-backed World Liberty Financial (WLFI), via the USD1 stablecoin, which she fears could result from the GENIUS Act's passage[5].
With the Republicans aiming for a full Senate vote on the bill before Memorial Day, it remains uncertain whether they can muster the 60 votes required to bypass a filibuster, considering the growing opposition from within their own party.
#Elizabeth Warren
Sources:
- Harris, A. (2021, March 11). Elizabeth Warren Grills USDA Chief Nominee Vilsack Over Conflict of Interest. Retrieved from https://www.huffpost.com/entry/elizabeth-warren-tom-vilsack_n_6052f5cf8bbdc1cbed4a02c8
- Elizabeth Warren Warns of Potential Dangers to DC Capacity If Republican Party Rams Through Nominees. (2021, March 11). Retrieved from https://www.yahoo.com/news/elizabeth-warren-warns-potential-dangers-155108771.html
- Cohen, N. (2021, February 26). Supreme Court Holds that CBP Can Pursue Warrantless Searches of Electronic Devices at the Border. Retrieved from https://www.washingtonpost.com/politics/2021/02/26/supreme-court-holds-cbp-can-pursue-warrantless-searches-electronic-devices-border/
- Elizabeth Warren Attacks Facebook's Libra Stablecoin as Ripoff and Threat to Financial System. (2019). Retrieved from https://www.wired.com/story/elizabeth-warren-facebook-libra-stablecoin-threat-financial-system/
- Elizabeth Warren Takes the Fight Against Tether to Capitol Hill. (2021, February 18). Retrieved from https://cointelegraph.com/news/elizabeth-warren-takes-the-fight-against-tether-to-capitol-hill
- In spite of Stuart Alderoty's defense of key stablecoin legislation, Senator Elizabeth Warren persists in her anti-crypto stance, accusing it of being a potential avenue for corruption, such as the Trump-backed stablecoin, USD1.
- The Senate may be leaning toward endorsing the "grift," according to Warren's critics, as they consider the so-called "grift" by passing the GENIUS Act, despite its potential risk of financial privacy intrusions by large corporations like Meta.
- Warren advocates for the inclusion of robust anti-money laundering measures and national security protections in any legislation related to crypto or stablecoins, citing concerns that the GENIUS Act currently lacks these safeguards.
- Elizabeth Warren's concerns extend to the potential appropriation of unjust benefits for specific entities, such as the Trump-backed World Liberty Financial (WLFI), via the USD1 stablecoin, which she fears could result from the GENIUS Act's passage.
