More US Senators Back Elizabeth Warren’s AML Bill Targeting Crypto

More US Senators Back Elizabeth Warren’s AML Bill Targeting Crypto – Senator Elizabeth Warren, a vocal opponent of digital assets within the U.S. government, revealed that five additional senators have joined her in co-sponsoring a bill designed to combat money laundering. Although reintroduced in July and garnering support from various U.S. lawmakers, some critics argue it may pose a risk to financial freedom and privacy.

On December 11, Senator Warren disclosed that Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján have thrown their support behind her Digital Asset Anti-Money Laundering Act, which was reintroduced in July. Warren emphasized that the legislation is tailored to address the misuse of crypto assets for money laundering and terrorism financing.

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“I’m glad that five new senators are joining the fight to take action, including three members of the Banking Committee,” said Warren. “Our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.” The legislation had previously garnered bipartisan backing from various senators and organizations. 

Such as the Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, the National Consumer Law Center, and the National Consumers League. In her announcement, Senator Warren restated a statement made during a December 6 hearing of the Senate Banking Committee and subsequent interviews.

Asserting that around half of North Korea’s missile program was funded through digital assets. Detractors of the legislation argue that lawmakers should target individuals misusing the technology instead of digital assets and their foundational infrastructure. Cybersecurity expert Steve Weisman expressed support for the bill during a November Senate hearing, deeming it a “no-brainer” in addressing concerns related to money laundering.

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