Senator Warren’s Crypto Money Laundering Bill Builds Momentum as More Sign On
CoinDesk
18 Sep 2023 3:34 PM
Among nine new supporters of the legislative effort to ward off illicit uses of crypto are Democratic chairs of the Homeland Security and Judiciary committees....
- U.S. Senator Elizabeth Warren has gained support from key lawmakers for her Digital Asset Anti-Money Laundering Act.
- The bill aims to crack down on money-laundering and sanctions abuses in the crypto industry.
- Prominent sponsors include Senator Dick Durbin and Senator Gary Peters.
- However, the bill's chances of passing are uncertain due to a divided Congress and an upcoming election year.
- Crypto lobbyists are opposing the legislation, arguing that it would hinder innovation and market security.
- The bill extends anti-money-laundering requirements to digital asset wallets, crypto miners, validators, and other network participants.
- Senator Joe Manchin, Roger Marshall, and Lindsey Graham are among the original co-sponsors.
- Surprisingly, Warren's effort has received support from Wall Street bankers and industry lobbyists.
- Some of Warren's concerns regarding money-laundering have been addressed in an amendment to the 2024 National Defense Authorization Act.
The sentiment of the article is neutral. It presents the information about Elizabeth Warren's bill and the various perspectives surrounding it without expressing a clear positive or negative sentiment.
You May Ask
What is Elizabeth Warren's Digital Asset Anti-Money Laundering Act?Who are some of the key lawmakers supporting the bill?Why are crypto lobbyists opposing the legislation?How does the bill extend anti-money-laundering requirements to the crypto industry?What other legislation has addressed Warren's concerns about money-laundering?