According to TechFlow, U.S. Senator Elizabeth Warren once again criticized cryptocurrencies at a hearing of the Senate Banking, Housing, and Urban Affairs Committee on July 25.
Warren warned that foreign crypto mining facilities in the United States pose a threat to national security. She claimed that these facilities are not only "environmental disasters," but can also cause power grid crashes and be used for espionage.
Warren specifically mentioned a Chinese-owned MineOne facility near a strategic missile base in Wyoming that was ordered removed by President Biden in May.
Warren also accused foreign entities of using cryptocurrencies to secretly purchase mining facilities, bypassing the traditional banking system and anti-money laundering rules. She called for new laws to address these issues. However, studies have shown that crypto mining can actually benefit the grid by balancing loads and increasing renewable power capacity.
