US Senator Elizabeth Warren introduces bill to crack down on crypto

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U.S. Senators, spearheaded by Elizabeth Warren, have broadened bipartisan backing for the Digital Asset Anti-Cash Laundering Act to manage cryptocurrency use.

The bill seeks to address the rising issues across the misuse of cryptocurrencies in unlawful monetary actions by incorporating digital belongings into the prevailing anti-money laundering and counter-terrorism financing frameworks.

New supporters of the invoice embody Senators Raphael Warnock (D-Ga.), Laphonza Butler (D-Calif.), Chris Van Hollen (D-Md.), John Hickenlooper (D-Colo.), and Ben Ray Luján (D-N.M.). The supporters joined a coalition already backed by a various group of senators, indicating a robust bipartisan effort.

“The Treasury Division is making clear that we want new legal guidelines to crack down on crypto’s use in enabling terrorist teams, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund unlawful weapons applications, and revenue from devastating cyberattacks.”

Senator Elizabeth Warren

Echoing Warren’s issues, Senator Van Hollen remarked, “The dearth of primary authorized safeguards round crypto opens up Individuals to numerous dangers […] crypto ought to be ruled by the identical transparency guidelines as traditional banks to protect Individuals and assist guarantee it isn’t used to facilitate unlawful conduct by legal enterprises and rogue nations.”

Senator Hickenlooper centered on innovation, noting, “We’ve got safeguards for banks to guard everybody from crime and terrorism. Crypto ought to have related safeguards. These reforms will defend protected, clear innovation.”

Senator Luján added to the refrain of assist, highlighting the vulnerability of customers within the present unregulated state of cryptocurrencies and the necessity for this laws to ascertain robust requirements for crypto use.

The invoice has garnered endorsements from varied organizations, together with the Financial institution Coverage Institute, which said that it supported bipartisan efforts to assist crack down on cash laundering and believed the measure is a crucial step.

The legislative initiative is available in response to warnings from the Treasury Division, the Division of Justice, and different consultants in regards to the growing use of digital belongings in money laundering, drug trafficking, and different legal actions.

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