Progressive Massachusetts Senator Elizabeth Warren is pushing an Anti-Money Laundering act that experts in fintech say could ban the crypto wallets of individuals.

Some even suggest that it would make Americans more dependent on big banks by taking away decentralized options.

Back in February, Warren said she would reintroduce the Digital Assets Anti-Money Laundering Act, which died in the planning stages in 2022.

The purported purpose of the bill would be to protect Americans from scams, but it may end up driving cryptocurrency companies overseas and reduce choices to consumers.

If it were to pass, digital asset mixers and self-hosted wallets would be prohibited. Some in the crypto industry have scoffed at the bill, calling it an ill-timed “smear campaign.”