Elizabeth Warren Announces Bill to Crack Down on Illegal Use of Cryptocurrencies
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Us Senator Elizabeth Warren introduction The bill cracks down on the misuse of cryptocurrencies for activities including money laundering, sanctions evasion, financing illicit weapons programs, and cyberattacks.
“Our bipartisan bill is the toughest proposal yet to crack down on the illicit use of cryptocurrencies and give regulators more tools,” Warren said.
The bill, filed Dec. 11, had the support of a coalition within the Banking Committee, and five new senators, including three members of the Banking Committee, had joined the fight to take action, Warren added.
This bill is a milestone toward strengthening oversight and regulation in Congress. cryptocurrency Kingdom.
Warren, a Democrat, aims to use the bill to expand Bank Secrecy Act (BSA) liability and mandate more stringent reporting requirements. These requirements include know-your-customer (KYC), reporting on “transactions involving non-hosted wallets,” and more.
By taking all these steps, Warren hopes to “close loopholes and increase the level of compliance in the digital asset ecosystem.”
Just in: 🇺🇸 US Senator Elizabeth Warren claims North Korea is using it. #Bitcoin And it uses cryptocurrency to fund “half” of its nuclear weapons program.
— Bitcoin Magazine (@BitcoinMagazine) December 7, 2023
“Cryptocurrencies have become the payment method of choice for terrorist organizations, drug cartels, and authoritarian regimes to fund their illicit activities,” said Senator Chris Van Hollen. “Cryptocurrencies should be governed by the same transparency rules as traditional banks to protect Americans and ensure they are not used to facilitate the illegal activities of criminal enterprises and rogue states.”
Warren’s bill has now been endorsed by the Bank Policy Institute, Massachusetts Bankers Association, Transparency International US, Global Financial Integrity, and the National District Attorneys Association. ), Major County Sheriffs of America, Massachusetts Sheriffs’ Association, AARP, National Consumer Law Center, and National Consumers League. .
Warren and Gensler’s cryptocurrency actions could lead to a decline in Democratic approval ratings
Roe cost Republicans the midterms. that much @SenWarren and @GaryGensler The war on cryptocurrencies will cost Democrats the 2024 election.
— Tyler Winklevoss (@tyler) June 11, 2023
Tyler Winklevoss, a prominent billionaire in the cryptocurrency industry, expressed concerns to expressed.
He emphasized that these measures could lead to loss of voting rights in the next election cycle.
Cryptocurrency has already captured the hearts of millennials and Generation Z.
They don’t debate the merits of cryptocurrencies.
They discuss where and what to build next.
And millions of people have invested their life-saving money in cryptocurrencies.
They will not forget the destruction of value brought about by Warren and Gensler. pic.twitter.com/iaZxKloVxx— Cameron Winklevoss (@cameron) June 10, 2023
His brother Cameron Winkelvoss supported this theory, saying that millennials and Generation Z have already embraced cryptocurrencies. He added that the destruction of values caused by Warren and Gensler will be memorable to these young individuals. To back up his own claim, Winkelvoss shared a 2022 CNN headline that said youth voting saved Democrats from defeat.
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