Five More Senators Back Warren's Digital Asset Anti-Money Laundering Act
Summary:
Senator Elizabeth Warren has gained support from five more senators for her bipartisan Digital Asset Anti-Money Laundering Act, a bill introduced back in July to combat illicit use of cryptocurrencies for money laundering and terror financing. The already widely-backed bill has been described as the toughest legislation addressing the misuse of digital assets. However, critics argue it impedes personal privacy and technological progress, suggesting a focus should be on individuals misusing the technology rather than the digital currencies and their supporting infrastructure.
Senator Elizabeth Warren of Massachusetts, a vocal detractor of digital currencies in the US governmental hierarchy, recently revealed that her bill targeting money laundering has obtained the backing of five additional senators. In a declaration on December 11, Senator Warren indicated that Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper and Ben Ray Luján have endorsed her Digital Asset Anti-Money Laundering Act, which was brought back into focus in July. The bill precisely aims at the illicit utilization of cryptocurrencies for terror financing and money laundering, according to Warren.
"Delighted that the fight has been joined by an additional five senators, including three banking committee members," stated Senator Warren. "Our bipartisan bill, the most stringent proposal on the table, aims to limit the illicit use of cryptocurrencies and equip regulators with more tools."
Related: US government removes two cryptocurrency anti-money laundering regulations from national defense bill.
Support for the bill had already been bipartisan, with several senators and organizations endorsing it, like Massachusetts Bankers Association, Bank Policy Institute, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, National Consumer Law Center, and National Consumers League. In the announcement, Warren reiterated her statement from a Senate Banking Committee hearing on December 6 and later interviews, implying that digital assets sponsored about half of North Korea's missile program. There has been criticism that the Digital Asset Anti-Money Laundering Act inhibits technological advancement and impinges on personal privacy and autonomy.
Critics have posited that the focus should be on individuals misusing the technology rather than on digital currencies and the technology that supports them. Cybersecurity specialist, Steve Weisman, expressed support for the bill during a Senate hearing in November and labelled it as an obvious solution to tackle money laundering concerns.
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Published At
12/12/2023 1:08:09 AM
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