US Senator Elizabeth Warren says crypto helps facilitate all kinds of crime and illegal financial activities.
The Massachusetts Senator say that “rogue states”, oligarchs and drug dealers use cryptocurrency to fund their criminal regimes.
The longtime crypto critic says she has introduced a bill that could crack down on the illicit use of digital assets.
“Did you know that rogue states, oligarchs, and drug lords use crypto to launder billions in stolen money, evade sanctions, and fund terrorism? It’s a big problem, but we can solve it.
I have a bill that will close loopholes and apply common sense rules to the industry.”
Warren introduced the Digital Asset Anti-Money Laundering Act of 2022 in December 2022. The bill aims to make the crypto industry comply with the same money laundering rules that apply to the traditional financial system.
The senator announced plans to reintroduce the legislation in February as she warned that criminals such as drug traffickers and ransomware attackers, as well as states like North Korea and Iran, are using crypto to launder billions in illicit funds.
Said Warren at a Senate Judiciary Committee hearing on Banking, Housing, and Urban Affairs,
“Look, the rules should be simple: the same kind of transaction, the same kind of risk, means the same kind of rules.”
According to Jake Chervinsky, chief policy officer of the Blockchain Association, the proposed bill will also affect legitimate crypto activities as it will effectively prohibit digital assets in the US
“Senator Warren’s bill would impose a de facto ban on crypto in the US, criminalizing all manner of legitimate activities such as mining and staking, while doing nothing to actually combat illicit funding. It is no surprise that she is struggling to find co-sponsors.”
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