A crypto bill sponsored by US Senator Elizabeth Warren is about to die, according to the founder of a blockchain trading organization.
In a new interview with Peter McCormack, Perianne Boring, the founder and CEO of the Chamber of Digital Commerce, outlines her predictions for Warren’s (D-Massachusetts) Digital Asset Anti-Money Laundering Act.
The bill, which Warren introduced last year and then again in July, aims to bring the crypto industry into compliance with the same money laundering rules that apply to the traditional financial system. Among other things, it would extend the responsibilities of the Bank Secrecy Act (BSA), including Know-Your-Customer (KYC) requirements, to crypto wallet providers, miners, validators and other network participants.
Pro-crypto lobby groups like Boring’s have rejected the potential legislation, which is currently being considered by the Senate Banking, Housing and Urban Affairs Committee.
In her new interview, Boring notes that even if Warren’s bill passes the Senate, it won’t make it out of the House of Representatives in its current political makeup.
“Someone in the House of Representatives should be prepared to bring the bill to the House of Representatives. It goes through the same process, it goes through the House Financial Services Committee first, which this bill would never do. It would never come up in the financial services industry. Patrick McHenry has already rejected the bill. He is chairman of that committee, he does not bring it up. So there is a logjam in the House of Representatives, so this bill is not going anywhere, at least not for a while.”
However, Boring acknowledges that the political path for Warren’s bill “may change over time,” increasing the likelihood that the bill will become law.
For example, McHenry (R-North Carolina) announced earlier this month that he plans to retire after his current term, which ends in 2024.
Warren has introduced 331 bills since becoming a U.S. senator in 2013, according to the legislative website GovTrack. Of that total, only one has been passed into law, and another ten have been passed through integration into other bills.
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