Elizabeth Warren working on bipartisan bill to tackle crypto money laundering News ▸ US ▸ Regulation
Elizabeth Warren working on bipartisan bill to tackle crypto money laundering
U.S. Senators Elizabeth Warren and Roger Marshall are working on a bipartisan bill that will introduce new legislation to tackle money laundering in the crypto industry.
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Updated: Aug. 21, 2023 at 2:36 pm UTC
Gage Skidmore / CC BY-SA 2.0 / Wikimedia. Remixed by CryptoSlate
U.S. Democratic Senator Elizabeth Warren is teaming up with Republican Senator Roger Marshall to work on a bipartisan bill that will introduce new legislation to close loopholes in the financial system that allow digital assets to be used for money laundering.
In an exclusive statement to CNN, Warren said:
“I’ve been ringing the alarm bell in the Senate on the dangers of these digital asset loopholes, and I’m working in a bipartisan manner to pass common-sense crypto legislation to better safeguard U.S. national security.”
The bill, called the ‘Digital Asset Anti-Money Laundering Act’, would attempt to bring the digital asset ecosystem into compliance with the existing system of anti-money laundering in the worldwide financial system.
The bill would direct the Financial Crimes Enforcement Network (FinCEN) within the Treasury Department to designate digital asset wallet providers, miners, validators and others as money service businesses, which would extend responsibilities in the Bank Secrecy Act to the crypto industry.
In a statement, Marshall recalled the government enacting “meaningful reforms” that aided banks in cutting off “bad actors’ from America’s financial system,” following the Sept. 1, 2001 terrorist attacks.
“Applying these similar policies to cryptocurrency exchanges will prevent digital assets from being abused to finance illegal activities without limiting law-abiding American citizens’ access.”
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Josh O'Sullivan
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.
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Elizabeth Warren is an American politician and former academic known for being fiercely anti-Bitcoin and anti-crypto.
Roger Wayne Marshall is an American politician, physician, and former military officer serving as a United States senator from Kansas since 2021.
