Elizabeth Warren Gains More Support for Digital Asset Anti-Money Laundering Bill
US Senator Elizabeth Warren is garnering increased support for her bill that aims to combat the use of cryptocurrencies in money laundering activities. The Digital Asset Anti-Money Laundering Act, first introduced by Warren in 2022 and reintroduced in July 2023, seeks to enforce money laundering regulations on the crypto industry.
The bill proposes extending Bank Secrecy Act (BSA) responsibilities, including Know-Your-Customer (KYC) requirements, to various participants in the crypto network, such as wallet providers, miners, and validators.
While pro-crypto lobbying groups have criticized the legislation, Warren argues that it aims to close loopholes and prevent illegal activities facilitated by cryptocurrencies.
New Cosponsors Join the Bill
This week, Warren announced that Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján have joined as cosponsors of the bill. They join a growing list of senators who support the potential legislation.
The Digital Asset Anti-Money Laundering Act is currently under consideration by the Senate Committee on Banking, Housing, and Urban Affairs.
Hot Take: Elizabeth Warren Pushes for Stricter Regulations on Cryptocurrencies
US Senator Elizabeth Warren continues to push for stricter regulations on cryptocurrencies with her Digital Asset Anti-Money Laundering Act. While some crypto advocates argue that the bill would effectively ban digital assets and hinder normal activities like staking and mining, Warren maintains that it is necessary to crack down on illegal activities enabled by cryptocurrencies.
With an expanding list of cosponsors supporting the bill, it remains to be seen how far this legislation will progress in the Senate. However, it is clear that Warren’s efforts to regulate the crypto industry are gaining traction among lawmakers.
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