1 year ago
Senator Elizabeth Warren’s bipartisan cryptocurrency anti-money laundering measure has gained backing from an further 9 senators, including influential committee chairs, according to a Sept. 14 Politico report.
According to the report, the measure garnered enactment from cardinal figures, including Homeland Security Chair Gary Peters (D-Mich.) and Judiciary Chair Dick Durbin (D-Ill.), on with Senators Tina Smith (D-Minn.), Angus King (I-Maine), Michael Bennet (D-Colo.), Bob Casey (D-Pa.), Catherine Cortez Masto (D-Nev.), Jeanne Shaheen (D-N.H.), and Richard Blumenthal (D-Conn.).
This brings the fig of senators connected the measure to 12, with Senator Roger Marshall (R-Kansas) arsenic pb co-sponsor. Sen. Joe Manchin (D-W.Va.) and Sen. Lindsey Graham (R-S.C.) are the different lawmakers connected the bills.
The bill
The Digital Asset Anti-Money Laundering Act seeks to heighten regulatory oversight wrong the emerging industry. It achieves this by addressing existing loopholes and aligning the integer plus ecosystem much intimately with established anti-money laundering and countering the financing of coercion (AML/CFT) frameworks that govern the broader fiscal system.
In a one-page document, lawmakers highlighted the important emergence successful illicit integer plus usage, reaching $20 billion, with 44% of these transactions linked to sanctioned entities successful the past year.
As a response, Sen. Warren and different lawmakers are pushing to grow the scope of the Bank Secrecy Act and instrumentality know-your-customer (KYC) requirements for integer plus wallet providers, miners, and different participants wrong cryptocurrency networks.
Sen. Manchin emphasized that this authorities aims to mitigate information risks associated with cryptocurrency platforms, compelling them to adhere to the aforesaid AML regulations arsenic accepted banks.
Furthermore, notable support for this measure has emerged, including an endorsement from the AARP, conveyed done a letter to the lawmakers successful July.
Warren’s anti-crypto history
Meanwhile, Sen. Warren has an extended past of anti-crypto policies. The Massachusetts lawmaker antecedently described crypto arsenic a “method of choice” utilized by sanctioned countries similar Iraq, Russia, and others.
Besides that, the lawmaker erstwhile touted her program to “build an anti-crypto army” successful the U.S. during her re-election run successful March.
The station Elizabeth Warren’s anti-crypto measure sees surging enactment from 9 much Senators appeared archetypal connected CryptoSlate.
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