U.S. Sen. Elizabeth Warren, D-Mass., has garnered more support from her colleagues for legislation to crack down on alleged use of cryptocurrencies for illicit finance.
Warren, who has often been critical of the cryptocurrency industry, said Monday that five senators had: joined We jointly propose the ‘Digital Asset Money Laundering Prevention Act’. bill, Criticism of the cryptocurrency industry It aims to extend Bank Secrecy Act requirements, including know-your-customer rules, to miners, validators, wallet providers, and more.
Three of the five new additions, Sens. Raphael Warnock (D-Ga.), Laphonza Butler (D-Calif), and Chris Van Hollen (D-Md.), sit on the Senate Banking Committee along with Warren. The committee could play a key role in getting cryptocurrency legislation passed next year.
Sen. John Hickenlooper, D-Colo. Ben Ray Ruhan, DN.M. He also joined the bill as a co-sponsor on Monday.
“The lack of basic legal protections for cryptocurrencies exposes Americans to numerous risks,” Van Hollen said. “Furthermore, cryptocurrencies have become the payment method of choice for terrorist organizations, drug cartels, and authoritarian regimes to fund their illicit activities.” “He said. name. “Cryptocurrencies should be governed by the same transparency rules as traditional banks to protect Americans and ensure they are not used to facilitate the illegal activities of criminal enterprises and rogue states.”
Anti-money laundering and terrorist financing related to cryptocurrencies have been at the forefront of the Biden administration as well as among lawmakers. Warren pushed for his own bill. Parliament Especially the hearings over the past few months. Last month, the Treasury Department asked Cohn.It is intended to give more power to track wrongdoers in the digital asset industry.
Focus on AML
House Financial Services Committee Member Patrick McHenry (R-N.C.) said: punchbowl news A newsletter on Monday said it was time for the House of Representatives to review anti-money laundering regulations for cryptocurrencies, suggesting there may be room for compromise between the House and Senate.
McHenry announced last week that he would not be sought. re-election He ends his term in January 2025. He has been considered a leader in the advancement of cryptocurrency legislation. It includes legislation to regulate stablecoins at the federal level and legislation that takes a comprehensive approach to cryptocurrency market structure. Both bills must win Senate support.
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