In 2021, the U.S. crypto sector faced significant challenges as Senator Elizabeth Warren and SEC Chair Gary Gensler launched aggressive regulatory actions, including lawsuits and stringent legislation that threatened the industry's growth. A notable example was the 'DeFi Broker Rule' embedded in the Infrastructure Investment and Jobs Act, which required blockchain operators to collect personal information from wallet holders—an impossible task acknowledged even in Senate discussions. This rule, along with Gensler's broader initiatives, ultimately failed earlier this year. However, Warren continued her campaign with the GENIUS Act, proposing burdensome requirements for stablecoin issuers to monitor all illicit transactions indefinitely. While her intentions may have aimed at accountability, the demands were deemed absurd, as they would unfairly hold issuers responsible for future crimes involving their tokens. Despite some success in addressing corruption risks linked to stablecoins, Warren's regulatory approach appears to serve larger financial institutions, potentially stifling innovation in the crypto space. The American crypto community must recognize these maneuvers as strategic efforts to maintain control over the narrative and power. Read more AI-generated news on: https://app.chaingpt.org/news

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