Senator Elizabeth Warren’s bipartisan cryptocurrency anti-money laundering bill has seen a surge in support from influential committee chairs and senators. This bill aims to address the rising use of illicit digital assets and enhance regulatory oversight in the emerging cryptocurrency industry.
In a recent report by Politico, Senator Warren’s bill gained the backing of nine additional senators, bringing the total number of supporters to twelve. Some of the key figures supporting the bill include Homeland Security Chair Gary Peters and Judiciary Chair Dick Durbin, along with Senators Tina Smith, Angus King, Michael Bennet, Bob Casey, Catherine Cortez Masto, Jeanne Shaheen, and Richard Blumenthal. Lead co-sponsor Senator Roger Marshall leads the group, with Senator Joe Manchin and Senator Lindsey Graham also onboard.
The Digital Asset Anti-Money Laundering Act seeks to address existing loopholes and align the digital asset ecosystem with established anti-money laundering and counter the financing of terrorism frameworks. Lawmakers emphasized the significant rise in illicit digital asset usage, which reached $20 billion, with 44% of these transactions connected to sanctioned entities in the past year.
The proposed legislation aims to expand the scope of the Bank Secrecy Act and introduce know-your-customer requirements for digital asset wallet providers, miners, and participants within cryptocurrency networks. This move is intended to close loopholes and ensure that cryptocurrency platforms adhere to the same anti-money laundering regulations as traditional banks.
The bill has also garnered notable support from the AARP, an organization representing the interests of older Americans. In a letter to the lawmakers in July, the AARP endorsed the bill, further strengthening its momentum.
Senator Warren has been known for her strong stance against cryptocurrencies, viewing them as a “method of choice” for sanctioned countries like Iraq and Russia. In her March re-election campaign, she even spoke about her plan to “build an anti-crypto army” in the United States. These views have faced criticism from the crypto community, who argue that innovative technologies like blockchain and cryptocurrencies offer numerous benefits beyond illicit activities.
Senator Elizabeth Warren’s cryptocurrency anti-money laundering bill continues to gain support from influential figures and senators. This bipartisan effort aims to address the rise in illicit digital asset usage and enhance regulatory oversight within the cryptocurrency industry. While Senator Warren has faced criticism for her anti-crypto stance, the bill’s growing support highlights the importance of finding a balance between regulation and innovation in the evolving digital landscape.
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