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Sen. Elizabeth Warren Adds Five Co-Sponsors to Her Crypto Bill
Summary: U.S. Senator Elizabeth Warren recently announced that Senate Banking, Housing, and Urban Affairs Committee members Senators Raphael Warnock (D-Ga.), Laphonza Butler (D-Calif.), and Chris Van Hollen (D-Md.), and Senators John Hickenlooper (D-Colo.) and Ben Ray Luján (D-N.M.) have joined her bipartisan Digital Asset Anti-Money Laundering Act as cosponsors. The Digital Asset Anti-Money Laundering Act aims to ...
U.S. Senator Elizabeth Warren recently announced that Senate Banking, Housing, and Urban Affairs Committee members Senators Raphael Warnock (D-Ga.), Laphonza Butler (D-Calif.), and Chris Van Hollen (D-Md.), and Senators John Hickenlooper (D-Colo.) and Ben Ray Luján (D-N.M.) have joined her bipartisan Digital Asset Anti-Money Laundering Act as cosponsors.
The Digital Asset Anti-Money Laundering Act aims to bring the crypto ecosystem into greater compliance with anti-money laundering regulations. If the Digital Asset Anti-Money Laundering Act is passed, it could have a significant impact on Bitcoin. Designating Bitcoin miners, validators and other network supporters as “financial institutions” would require them to comply with anti-money laundering rules and monitoring of the Bank Secrecy Act. This places new regulatory burdens and oversight on key players of the Bitcoin system. By directly targeting “anonymity enhanced cryptocurrencies” and leveraging mixing services to obscure transactions, the bill also prohibits engagement with tools that protect user identities.
Author: Katie Lin
Tags: Bank Secrecy Act,Bitcoin,Crypto,Cryptocurrency,Digital Asset,Elizabeth Warren,Money Laundering
Link: Sen. Elizabeth Warren Adds Five Co-Sponsors to Her Crypto Bill [Copy]
