Massachusetts Senator Elizabeth Warren, a vocal critic of digital assets within the U.S. government, has recently announced the addition of five senators as cosponsors to one of her bills aimed at intensifying the fight against money laundering activities involving digital assets.
In a statement released on December 11, Senator Warren confirmed that Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján have shown their support for the Digital Asset Anti-Money Laundering Act, which she reintroduced in July. This legislation is particularly focused on curbing the illegal use of cryptocurrencies for money laundering and financing terrorist activities.
Expressing her satisfaction with the growing support, Senator Warren stated, “I’m glad that five new senators are joining the fight to take action, including three members of the Banking Committee.” She emphasized that this bipartisan bill is the most stringent proposal currently under consideration for addressing the illicit use of cryptocurrencies and enhancing the regulatory tools available to combat such activities.
The bill had already garnered bipartisan backing from various senators and organizations prior to this announcement. Supporters include the Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, the National Consumer Law Center, and the National Consumers League. In her announcement, Senator Warren reiterated a claim she made during a December 6 Senate Banking Committee hearing and in subsequent interviews, alleging that digital assets had financed approximately half of North Korea’s missile program.
While the bill has its supporters, some critics argue that the focus should be on the individuals misusing the technology, rather than on digital assets and their infrastructure. In a Senate hearing in November, cybersecurity expert Steve Weisman endorsed the legislation, describing it as a “no-brainer” for addressing concerns related to money laundering.
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