Massachusetts Senator Elizabeth Warren recently found herself at the center of a social media hoax regarding an anti-crypto policy proposal. On April 21, Crypto Twitter users were taken aback by what appeared to be a legitimate letter from Senator Warren to President Joe Biden. The letter, however, contained a misspelling of the senator’s first name and suggested a 1% wealth tax on crypto holdings exceeding $500,000.
The letter called on President Biden to support crypto-related legislation as part of efforts to address issues in the U.S. financial system. Despite numerous social media users pointing out inconsistencies between the letter and reality, some crypto enthusiasts refused to accept the truth.
While the letter did not appear on Senator Warren’s official website, Cointelegraph reached out to her office for comment but received no response. Senator Warren has been known for her vocal opposition to cryptocurrencies, often associating them with illicit activities such as terrorism financing. Her proposed Digital Asset Anti-Money Laundering Act has faced criticism from crypto advocates and lawmakers for its perceived ineffectiveness in combating illegal financing.
As Senator Warren gears up for reelection in November, she is expected to face off against Republican candidate and crypto lawyer John Deaton. Deaton has already raised approximately $1.36 million for his campaign, with $1 million coming from his own funds. He has also requested to serve as a friend of the court in Coinbase’s civil lawsuit with the U.S. Securities and Exchange Commission.
In conclusion, the social media frenzy surrounding Senator Warren’s supposed anti-crypto policy proposal turned out to be a hoax. While she has been a prominent critic of cryptocurrencies, the letter in question was proven to be fake. As the crypto industry continues to face scrutiny and regulatory challenges, the upcoming election between Senator Warren and John Deaton will undoubtedly be closely watched by the crypto community.