Senator Warren Strengthens Senate Backing for Crypto Money Laundering Bill
Five more United States Senators have backed Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act to curb crypto’s illicit finance risks.
The legislation aims to align the digital asset ecosystem with anti-money laundering and counter-financing of terrorism frameworks, mitigating potential loopholes.
Senators Join A List Of Existing Supporters
According to a recent statement, Senators Warnock, Butler, and Van Hollen, all part of the Senate Banking, Housing, and Urban Affairs Committee, joined the bill. Meanwhile, Senators John Hickenlooper and Ben Ray Luján joined as cosponsors.
This amplifies existing support from 14 other Senators.
However, Senator Warren stresses the Treasury Department’s call for new laws to combat crypto’s role in aiding terrorist groups. Furthermore, in aiding rogue nations, drug lords, ransomware gangs, and fraudsters .
Warren claims to welcome the added support, emphasizing the bill as a robust proposal to crackdown on crypto’s illicit use.
Meanwhile, Senator Van Hollen emphasizes the risks of crypto’s lack of legal safeguards. He advocates for transparency rules akin to traditional banks.
However, Senator Hickenlooper supports the reforms to protect transparent innovation, drawing parallels between crypto and traditional banking safeguards.
Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide
Widespread Backing for the Bill Continues to Grow
On the other hand, Senator Luján highlights the vulnerabilities arising from crypto’s limited oversight, endorsing the bipartisan legislation as a means to establish strong standards.
The proposed legislation has gained endorsements from various entities, including the Bank Policy Institute, Massachusetts Bankers Association, and Transparency International U.S.
However, the statement reiterates warnings from the Treasury Department, Department of Justice, and national security experts underscore the urgency.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Leaked Pokémon TCG Pocket Cards hint at upcoming Wonder Pick and Solo events
Share link:In this post: New Pokémon TCG Pocket cards have been leaked ahead of December’s Wonder Pick and Solo Battle events. The cards revealed during the leak include Bulbasaur and Magnemite. The leaked cards will play a central role in a Venusaur PvE event starting November 29th.
Animoca Brands invests in Igloo Inc to boost consumer NFT activity
Share link:In this post: Animoca Brands will participate in an undisclosed strategic round for Igloo, Inc. Pudgy Penguins remains a top 3 blue chip NFT collection. Pudgy Penguins spreads as a physical item brand, which will also have its own L2 network, Abstract.
OKG Research: The reverse on Trump trades, BTC as a hedge against inflation, and BTC ownership
Share link:In this post: OKG Research revealed in a recent report that the markets corrected yesterday, causing worry among investors. The report still outlined the use of BTC and other crypto as a hedge against macroeconomic factors that unsettle markets. OKG Research also revealed the growing adoption of BTC among globally listed companies.
The Daily: US appeals court rules OFAC exceeded its authority in Tornado Cash sanctions, WalletConnect launches its first airdrop season and more
The Fifth Circuit Court of Appeals ruled on Tuesday that the Treasury Department’s Office of Foreign Assets Control (OFAC) ”overstepped its authority” by sanctioning crypto mixer Tornado Cash, reversing a lower district court decision.WalletConnect has launched its first airdrop season and eligibility checker, allocating 50 million of the total supply of 1 billion WCT tokens to over 160,000 users, including builders and contributors.A Brazilian lawmaker has introduced a bill to create the Strategic Soverei
Trending news
MoreCrypto prices
More
