Five Senators Back Digital Asset Anti-Money Laundering Act
Five more United States Senators have joined Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act to address the risks of illicit finance in the crypto industry. The goal of the legislation is to bring the digital asset ecosystem in line with anti-money laundering and counter-financing of terrorism frameworks to close potential loopholes.
Senators Warnock, Butler, Van Hollen, Hickenlooper, and Luján Show Support
Senators Warnock, Butler, and Van Hollen, who are part of the Senate Banking, Housing, and Urban Affairs Committee, have joined the bill. In addition, Senators John Hickenlooper and Ben Ray Luján have become cosponsors. This adds to the existing support from 14 other Senators.
Treasury Department Calls for New Laws
Senator Warren emphasizes the Treasury Department’s call for new laws to address crypto’s role in aiding terrorist groups and rogue nations. She welcomes the added support and highlights the bill as a strong proposal to crack down on illicit crypto use.
Calls for Transparency Rules
Senator Van Hollen advocates for transparency rules similar to those in traditional banks to address the risks associated with crypto’s lack of legal safeguards. On the other hand, Senator Hickenlooper supports reforms that protect transparent innovation while drawing parallels between crypto and traditional banking safeguards.
Establishing Strong Standards
Senator Luján endorses the bipartisan legislation as a means to establish strong standards due to the vulnerabilities arising from limited oversight in the crypto industry. The proposed legislation has gained endorsements from various entities, including the Bank Policy Institute, Massachusetts Bankers Association, and Transparency International U.S.
Urgency Stressed by Treasury Department and National Security Experts
The statement reiterates warnings from the Treasury Department, Department of Justice, and national security experts, highlighting the urgency of addressing the risks associated with crypto.
Hot Take: Growing Support for Digital Asset Anti-Money Laundering Act
As more Senators join Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, the momentum for addressing illicit finance risks in the crypto industry continues to grow. The legislation aims to align the digital asset ecosystem with anti-money laundering and counter-financing of terrorism frameworks, ensuring that potential loopholes are closed. With endorsements from various entities and bipartisan support, there is an increasing recognition of the need for strong standards and transparency rules in the crypto industry. The urgency emphasized by the Treasury Department and national security experts further highlights the importance of taking action to mitigate these risks.
By
By
By
By
By
By