Senator Elizabeth Warren added five co-sponsors to the bill targeting cryptocurrencies. Three of the five newly added members are Sens. Raphael Warnock, D-Ga., Laphonza Butler, D-Calif., and Chris Van Hollen, D-Md., sit on the Senate Banking Committee along with Warren. This committee will play a key role in deciding what crypto legislation passes next year.
Elizabeth Warren expands anti-cryptocurrency front
U.S. Sen. Elizabeth Warren, D-Mass., has garnered more support from her colleagues for a bill. This bill aims to curb the alleged use of cryptocurrency in illegal financing. Warren, a frequent critic of the crypto industry, took a critical step to expand the front on Monday. Warren said five senators joined as co-sponsors of the “Digital Asset Anti-Money Laundering Act.” Meanwhile, this bill is receiving serious criticism from the crypto industry. The bill seeks to extend Bank Secrecy Act requirements, including know-your-customer rules, to miners, validators, wallet providers and others.
Three of the five new additions are Sens. Raphael Warnock, D-Ga., Laphonza Butler, D-Calif., and Chris Van Hollen, D-Md., sit on the Senate Banking Committee along with Warren. This committee will play a key role in deciding what crypto legislation passes next year.
“Cryptocurrency exposes citizens to countless risks!”
You s. John Hickenlooper, D-Colo., and Ben Ray Luján, D-N.M., also came on board as co-sponsors. Chris Van Hollen made the following statement:
The lack of basic legal safeguards around cryptocurrency leaves Americans open to countless risks. Moreover, crypto has become the payment method of choice for terrorist organizations, drug cartels, and authoritarian regimes to finance their illicit activities. Crypto should be subject to the same transparency rules as traditional banks to protect Americans and help ensure that it is not used by criminal organizations and rogue nations to facilitate illicit behavior.
As you follow on Kriptokoin.com, preventing cryptocurrency-related money laundering and terrorist financing has been at the forefront among lawmakers as well as the Biden Administration. Warren has particularly pushed for her bill during congressional hearings over the past few months. The Treasury Department asked Congress for more authority last month. Thus, he stated that he aims to go after illegal actors in the digital asset sector.
All eyes on AML
Meanwhile, the House Financial Services Committee, R.N.C. Patrick McHenry made a statement regarding the developments. McHenry said it’s time for the House to take a look at anti-money laundering rules for crypto. He also suggested there might be room for compromise between the House and Senate on the issue.
McHenry announced last week that he will not seek reelection for his term, which ends in January 2025. McHenry is seen as a leader in advancing crypto legislation. These include a bill that would regulate stablecoins at the federal level. There is also another bill that takes a comprehensive approach to cryptocurrency market structure. Both bills need support from the Senate.
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