Senator Elizabeth Warren’s cryptocurrency bill gains support from five co-sponsors

U.S. Senator Elizabeth Warren has won more support from her colleagues for a bill aimed at cracking down on the alleged use of cryptocurrencies in illegal financial activities. Warren, who has been critical of the cryptocurrency industry, said on Monday that five senators have joined in co-sponsoring the Digital Asset Anti-Money Laundering Act. The bill, which has been criticized by the cryptocurrency industry, aims to extend the requirements of the Bank Secrecy Act, including KYC rules, to miners, validators, wallet providers and others. Three of the new co-sponsors, Warnock, Butler and Van Hollen, serve with Warren on the Senate Banking Committee. This committee may play a major role in cryptocurrency legislation passed in the coming year. John Hickenlooper, D-Colo, and Ben Ray Luján, D-N.M., also joined the bill as co-sponsors on Monday. Van Hollen said in a statement: "The lack of basic legal safeguards around cryptocurrencies exposes Americans to countless risks. What's more, cryptocurrencies have become the payment of choice for terrorist groups, drug cartels, and authoritarian regimes to raise funds for illegal activities. way. Cryptocurrency should be subject to the same transparency rules as traditional banks to protect Americans and help ensure it is not used to facilitate the illicit conduct of criminal enterprises and rogue states.”