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U.S. Senator Elizabeth Warren want to the digital asset anti-money bill that would mitigate the risks the cryptocurrency uses

U.S. Senator Elizabeth Warren want to the digital asset anti-money bill that would mitigate the risks the cryptocurrency uses

Sen. Elizabeth Warren wants to regulate the crypto space, she is seeking to pass bipartisan regulation to crack down on cryptocurrency money laundering.

The Democrat Sen. Elizabeth Warren And Republican Sen. Roger Marshall introduced a legislation bill that requires the Financial Crimes Enforcement Network to issue guidance on digital assets on Wednesday. She wants the crypto space to have, know-your-customer(KYC) rules same as the banking industry, this will help prevent money laundering.

“Rogue nations, oligarchs, drug lords, and human traffickers are using digital assets to launder billions in stolen funds, evade sanctions, and finance terrorism,” according to Senator Elizabeth Warren.“The crypto industry should follow common-sense rules like banks, brokers, and Western Union, and this legislation would ensure the same standards apply across similar financial transactions. The bipartisan bill will help close crypto money laundering loopholes and strengthen enforcement to better safeguard U.S. national security.”  Said Sen. Elizabeth Warren

“Following the September 11, 2001, terrorist attacks, our government enacted meaningful reforms that helped the banks cut off bad actors’ from America’s financial system. Applying these similar policies to cryptocurrency exchanges will prevent digital assets from being abused to finance illegal activities without limiting law-abiding American citizens’ access,” said Sen. Roger Marshall

The bill quickly drew backlash from some representatives of the crypto industry. In a Wednesday morning statement, 

“Instead of doubling down on the values of our constitution, we’re fast-following China into a half-assed digital authoritarianism.” tweeted by industry expert Ryan Sean Adams

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