[CRYPTO IN CRISIS] Commodity Or Security? Bipartisan U.S. Senators Propose Controversial Bill To End Privacy In Crypto

[AXIOS] Americans would have no refuge in blockchains for financial privacy under legislation introduced by two U.S. senators.

Why it matters: A major driver for the creation of cryptocurrency was to give people a cash-like experience on the internet, with a digital currency that could be passed from one user to another, just like cash.

• Like cash, privacy isn’t perfect with most cryptocurrencies, but both are more private than transactions with debit or credit cards that are explicitly tied to an identity.

Driving the news: Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) introduced The Digital Asset Anti-Money Laundering Act of 2022 on Wednesday. [FULLSTORY]

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