In a July 2021 interview, Massachusetts Senator Elizabeth Warren likened crypto regulation to the drug regulation initiatives of a century ago, which she claimed put an end to the sale of “snake oil” and laid the basis for the creation of the modern drug industry. This reflected her earlier statements about the digital currency market resembling the “Wild West,” which makes it a poor investment as well as an “environmental disaster.” With her latest bill in the Senate pipeline targeting Russian actors’ potential use of crypto to circumvent United States sanctions, it is fair to ask: Is the military conflict in Ukraine merely an excuse for Warren to act on her long-standing distaste for digital assets?
From the ivory tower to Capitol Hill
Senator Warren is not a typical Democrat, having been a conservative for much of her life. The general idea behind a lot of the ideas she presents hearkens back to the progressive era, when America’s traditional middle class found itself pitted against the well-lobbied interests of big business and turned to regulation to formalize the national economy.