Senator Elizabeth Warren announced that five more senators have agreed to cosponsor her Digital Asset Anti-Money Laundering Act, aimed at addressing money laundering and illicit uses of cryptocurrencies. The legislation, reintroduced in July, already had bipartisan support from lawmakers and organizations. Critics argue that the focus should be on bad actors rather than digital assets and their infrastructure. Warren claims the bill provides regulators with more tools to crack down on crypto's illicit use and is the toughest proposal for addressing the issue.
Senator Elizabeth Warren announced that five more senators have agreed to cosponsor her Digital Asset Anti-Money Laundering Act, aimed at addressing money laundering and illicit uses of cryptocurrencies. The legislation, reintroduced in July, already had bipartisan support from lawmakers and organizations. Critics argue that the focus should be on bad actors rather than digital assets and their infrastructure. Warren claims the bill provides regulators with more tools to crack down on crypto's illicit use and is the toughest proposal for addressing the issue.
Key Points:
Senator Warren's Announcement: Senator Elizabeth Warren announced that five more senators, including Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján, have agreed to cosponsor her Digital Asset Anti-Money Laundering Act.
Legislation Overview: The bill, reintroduced in July, is aimed at cracking down on money laundering and illicit uses of cryptocurrencies. It specifically targets the use of crypto assets for money laundering and financing terrorism.
Bipartisan Support: The legislation already had bipartisan support from several senators and organizations, including the Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., and others.
Focus on Bad Actors: Critics of the bill argue that lawmakers should focus on addressing bad actors utilizing the technology rather than targeting digital assets and their underlying infrastructure.
Warren's Claim on North Korea: Senator Warren reiterated her claim, made in a Senate Banking Committee hearing, that roughly half of North Korea's missile program was funded by digital assets.
Cracking Down on Illicit Use: Warren asserts that the Digital Asset Anti-Money Laundering Act provides regulators with more tools to crack down on crypto's illicit use and is considered the toughest proposal addressing the issue.
The ongoing push for the Digital Asset Anti-Money Laundering Act by Senator Elizabeth Warren gains additional support from five more senators, reinforcing bipartisan efforts to address money laundering and illicit uses of cryptocurrencies. Critics continue to advocate for a focus on bad actors rather than targeting the broader digital asset landscape.
(TURNER WRIGHT, COINTELEGRAPH, 2023)