Questions around how to police digital currency and whether to support its adoption are driving a rift not just between the party’s liberal and centrist wings but also among progressives who often see eye-to-eye on financial regulation
.of Massachusetts — who has long led the left’s charge to crack down on banks and Wall Street — has emerged as one of the party’s most vocal cryptocurrency critics, warning that it exposes consumers to danger, is ripe for financial crimes and is an environmental threat because of its electricity usage.
Warren, who has been looking at developing a comprehensive crypto bill, has recently warned that Russian leaders and billionaires may use digital currency to evade sanctions imposed after the invasion of Ukraine. The industry counters that the risk is being overhyped. Treasury officials also say there’s been little evidence of Russians using the relatively small crypto market to sidestep sanctions.
“I’m not alone,” he said. “There’s all kinds of well-funded cryptocurrency businesses popping up all over the country. ... People are taking a parochial interest because while all of us sense we won’t know exactly what it will look like, there’s going to be jobs associated with this technology.” Torres said crypto and the underlying blockchain technology “have the potential to lead to a better and cheaper and faster payments system” that could, for example, help a Dominican immigrant in his South Bronx district send remittances with minimal fees and delays.