Of Elizabeth Warren’s 330 bills, only 11 passed.
Senator Elizabeth Warren’s cryptocurrency anti-money laundering bill has had a huge impact on the cryptocurrency industry. However, some pointed out that the senator’s bills have a track record of not going anywhere.
Warren filed 330 bills during her 11 years as a senator, according to data from bill tracking platform GovTrack. Ten of those bills were eventually replaced by other bills, and only one somewhat ambiguous bill has been enacted as is to this day.
This was the National POW/MIA Flag Act, which required the POW/MIA flag to be displayed along with the American flag on certain federal property.
If Trump signs the bill from his desk, POW/MIA flags will have to be flown along with the American flag on some buildings https://t.co/odKY0HffxF pic.twitter.com/vgtlLteOM8
— American Military News (@AmerMilNews) October 24, 2019
“Very little legislation has been enacted,” GovTrack said. “Most legislators support only a small number of bills signed into law.” In most cases, lawmakers take actions that remain out of the public eye, such as submitting legislative amendments and serving on committees.
Warren’s Digital Asset Anti-Money Laundering Act, reintroduced in July, aims to close gaps in the country’s anti-money laundering regulations by classifying various cryptocurrency applications and companies, including non-custodial wallets, as financial institutions regulated under the Bank Secrecy Act. Let’s do it.
The same rules should apply to the same type of financial transaction with the same type of risk. Therefore, my new bipartisan Digital Asset Anti-Money Laundering Act will hold the cryptocurrency industry to the same anti-money laundering standards as banks, broker-dealers, and Western Union.
— Elizabeth Warren (@ewarren) December 29, 2022
So far, the bill has garnered bipartisan support, with five Democratic senators from Warren agreeing to co-sponsor the bill on December 11.
Bill would ‘effectively ban’ Bitcoin — Galaxy Research head
Nonetheless, opponents of the bill warn that it will stifle cryptocurrencies in the United States.
Alex Thorn, head of company-wide research at Galaxy Research, claimed in a December 11 X (Twitter) post that the bill would be an “effective ban” on Bitcoin (BTC) and cryptocurrencies.
Such decentralized software “cannot plausibly perform a centralized compliance function,” Thorn said, pointing to provisions in the bill that extend know-your-customer (KYC) requirements to cryptocurrency wallet providers, miners and validators. said.
Requiring non-custodial open source software to perform bank-like compliance is the *big* attack that Bitcoin’s enemies have always threatened. For example, it would be impossible for Bitcoin Core to comply, so this would be equivalent to effectively banning Bitcoin in the United States.
— Alex Thorne (@intangiblecoins) December 11, 2023
“Warren’s bill would effectively make cryptocurrencies illegal in the United States,” Thorn added.
Related: A U.S. Space Force officer says Bitcoin is of ‘national strategic importance.’
Neeraj Agrawal, communications director at cryptocurrency think tank Coin Center, posted to
The bill, proposed as a solution to potential money laundering and terrorist financing, is actually a rejection of progressive values, Agrawal argued.
The Digital Asset Anti-Money Laundering Act is a direct attack on technological progress and a direct attack on our privacy and autonomy.
Make no mistake. Proposed as a solution to potential money laundering and terrorist financing, this bill actually… pic.twitter.com/8oID1wECGL
— Neeraj K. Agrawal (@NeerajKA) December 11, 2023
“The bill cannot be improved,” he added. “You can only object as a whole.”
magazine: Proposal to regulate cryptocurrencies in the U.S. amid fears and doubts from lawmakers
