U.S. Senator Elizabeth Warren Calls for Update to Bank Secrecy Act to Address Crypto Threat
U.S. Senator Elizabeth Warren (D-Mass.) has urged the need to update the country’s Bank Secrecy Act in order to address the perceived threat posed by cryptocurrencies. Speaking on CNBC Squawk Box, Warren claimed that crypto is being used for terrorist financing and drug trafficking, citing North Korea’s alleged use of crypto to fund its nuclear weapons program. She emphasized the need to prevent this activity from continuing.
In a tweet, Warren reiterated her call for greater oversight of the crypto industry, stating that enforcing anti-money laundering rules against crypto is a matter of national security and common sense. She also referenced JP Morgan CEO Jamie Dimon’s opposition to crypto during a Senate banking committee hearing.
The Bank Secrecy Act and its Requirements
The Bank Secrecy Act mandates that U.S. financial institutions assist government agencies in reporting and preventing money laundering, tax evasion, and other criminal activities.
Warren’s Stance on Crypto
This is not the first time Warren has associated crypto with criminal activity. In previous instances, she linked crypto to the fentanyl trade and claimed that terrorist groups raised millions of dollars through crypto. However, some of her claims have been disputed, with blockchain analytics firm Elliptic stating that there is no evidence supporting the assertion that Hamas received significant crypto donations.
Regarding North Korea’s involvement in crypto theft, Warren’s claim aligns with figures from Chainalysis’ 2023 Crypto Crime Report, which states that nearly $3.2 billion has been stolen by North Korea-linked hackers since 2018.
Hot Take: Elizabeth Warren Pushes for Stricter Regulations on Crypto
U.S. Senator Elizabeth Warren is calling for an update to the Bank Secrecy Act to combat what she perceives as the threats posed by cryptocurrencies. She argues that crypto is being used for illicit activities such as terrorist financing and drug trafficking. Warren’s push for greater oversight and enforcement of anti-money laundering rules against crypto aligns with her belief that it is a matter of national security. While some of her claims have been disputed, her stance reflects a growing concern among lawmakers about the potential risks associated with the crypto industry.
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