American Senator Elizabeth Warren claimed during a Senate hearing on July 25th that foreign crypto mining facilities could be a threat to national security. Warren also added that crypto mining facilities are loud, hot, and consume a lot of electricity.
Also Read: Coinbase seeks court order for SEC to produce Gensler linked docs
The senator, who has been openly skeptical of crypto expressed her concerns during a hearing of the Senate Committee on Banking, Housing, and Urban Affairs, stating that the miners are loud, consume a lot of electricity, and serve as a significant threat to America’s national security. She also mentioned that many countries have banned crypto mining due to its environmental hazards.
Senator Elizabeth Warren bashes Chinese crypto mining firms in espionage allegations
In her speech, Warren referenced a study by a blockchain analytics firm that revealed one-third of crypto mining facilities in the U.S. were operated by Chinese citizens. The senator’s remarks highlighted the national security risks posed by these crypto-mining facilities owned by people believed to have direct links with the Chinese government.
“Foreign adversaries are using crypto mines to spy on U.S. military operations. That’s an obvious national security risk.”
Assistant Secretary of the Treasury for Investment Security Paul Rosen supported the Democrat Senator by stating the possibility that the mining facilities could serve as espionage centers for foreign adversaries.
Senator Warren referred to MineOne, a Chinese mining facility that was established in close proximity to a military base in Wyoming. In May, President Joe Biden issued a 120-day vacation notice to the mining facility to vacate the vicinity over spying concerns.
During the committee hearing, Senator Warren also said that crypto-mining facilities significantly affect America’s energy grid system and could potentially serve as centers of operations for targeted blackouts and cyberattacks. However, research published in November 2023 cited Bitcoin mining as a “global shift towards clean energy” and effective management of power grids.
Senator Warren calls for anti-money laundering rules
Warren also stated that foreign entities have been purchasing these mining facilities using digital assets to retain anonymity, bypass anti-money laundering regulations, and skirt the U.S. traditional banking system.
According to Warren, a Chinese investor secretly purchased a $6 million mining facility in Texas using crypto. She also claimed that mining facilities use digital assets to send millions of dollars to China and recommended affirmative regulatory action to curb the issues. She concluded by saying it was time to pass the laws needed by the Treasury.
Senator Warren is widely known for her skeptical stance against crypto. On July 24th, Ripple’s CEO, Brad Garlinghouse, referenced Elizabeth Warren’s view on digital assets while giving possible stances on Vice President and presidential aspirant Kamala Harris. Garlinghouse stated that if VP Kamala Harris adopted Senator Elizabeth’s stance on crypto, she would have miscalculated the “political liability” of Gary Gensler.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed