In a letter addressed to President Joe Biden, US Senator Elizabeth Warren expressed her concerns about the risks posed by the unregulated cryptocurrency market. She argued that crypto is a national security threat that can be used to fund terrorism, evade sanctions, and undermine the US dollar.
Warren, who is the chair of the Senate Banking Subcommittee on Economic Policy, cited several examples of how crypto has been used for illicit purposes, such as ransomware attacks, money laundering, and terrorist financing. She also pointed out the environmental and consumer protection issues associated with crypto, such as high energy consumption, price volatility, and fraud.
The senator acknowledged that crypto also has some potential benefits, such as increasing financial inclusion, innovation, and efficiency. She noted that some crypto projects are trying to address the challenges and limitations of the current system, such as reducing transaction costs, enhancing privacy, and improving cross-border payments. She stated that she supports the development of responsible and beneficial crypto technologies that can serve the public interest.
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However, Warren stressed that these benefits cannot be realized without proper regulation and oversight. She called on the White House to use its executive authority to coordinate a comprehensive regulatory strategy for crypto.
She urged the administration to appoint a “Crypto Czar” who would oversee the development and implementation of a clear and consistent framework for crypto regulation. She also recommended that the White Housework with Congress to enact legislation that would address the gaps and challenges in the current regulatory landscape.
Warren stated that crypto regulation is necessary to protect the national security, economic stability, and democratic values of the US. She warned that if the US fails to act, it will cede its leadership and influence on other countries that are more proactive in regulating crypto.
She concluded her letter by saying that “the longer that the United States waits to adapt to the growing role of cryptocurrencies in the global financial system, the more likely it becomes that digital assets will become so intertwined in our financial system that there could be potentially serious consequences if we fail to act.”
Gas station in Florida first in the U.S. to accept Bitcoin Lightning payment
A new milestone for cryptocurrency adoption has been reached in Florida, where a gas station in Jacksonville has become one of the first in the U.S. to accept Bitcoin Lightning payments.
The station, which is located on Atlantic Boulevard, has installed a Bitcoin ATM that allows customers to buy and sell Bitcoin, as well as pay for gas and other items using the Lightning Network.
The Lightning Network is a second-layer solution that enables fast and cheap transactions on top of the Bitcoin blockchain. It works by creating channels of payment between users, who can send and receive Bitcoin without having to wait for confirmation on the main chain.
This reduces the fees and congestion that often plague Bitcoin transactions, especially during periods of high demand.
The owner of the gas station, Raj Patel, said he decided to embrace Bitcoin after learning about its potential benefits for his business and customers. He said he was impressed by the speed and convenience of the Lightning Network, which allows him to process payments in seconds, without having to worry about chargebacks or fraud. He also said he hopes to attract more customers who are interested in using or learning about Bitcoin.
“I think Bitcoin is the future of money, and I want to be part of it,” Patel said. “I believe that more people will start using Bitcoin once they see how easy and fast it is. I want to offer them a place where they can buy gas, snacks, and Bitcoin all in one stop.”
Patel said he plans to add more Bitcoin ATMs and Lightning-enabled terminals at his other gas stations in the area. He said he has received positive feedback from his customers, some of whom have already used the Lightning Network to pay for their purchases.
“It’s amazing how simple it is. You just scan a QR code, and the payment is done”, a regular customer who paid for his gas using Bitcoin. “I think this is a great way to support Bitcoin and also save some money on fees.”
Patel said he hopes that his gas station will inspire other businesses to adopt Bitcoin and the Lightning Network, and that he is happy to share his experience and knowledge with anyone who is interested.
“I think this is a win-win situation for everyone. I can offer better service and lower prices to my customers, and they can enjoy the benefits of using Bitcoin,” Patel said. “I think this is the beginning of a new era for cryptocurrency adoption.”