Massachusetts Senator Elizabeth Warren, an outspoken critic of digital belongings in america authorities, has introduced that 5 extra senators have agreed to cosponsor considered one of her payments aimed toward cracking down on cash laundering.
In a Dec. 11 announcement, Sen. Warren said Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper and Ben Ray Luján had backed her Digital Asset Anti-Cash Laundering Act, reintroduced in July. In line with Warren, the laws particularly focused illicit makes use of of crypto belongings for cash laundering and financing terrorism.
“I’m glad that 5 new senators are becoming a member of the battle to take motion, together with three members of the Banking Committee,” stated Sen. Warren. “Our bipartisan invoice is the hardest proposal on the desk cracking down on crypto’s illicit use and giving regulators extra instruments of their toolbox.”
The invoice already had bipartisan support from a number of senators and organizations, together with the Financial institution Coverage Institute, Massachusetts Bankers Affiliation, Transparency Worldwide U.S., World Monetary Integrity, Nationwide District Attorneys Affiliation, Main County Sheriffs of America, the Nationwide Client Legislation Heart and the Nationwide Customers League. Within the announcement, Warren reiterated a claim she made in a Dec. 6 listening to of the Senate Banking Committee and subsequent interviews: that roughly half of North Korea’s missile program was funded by digital belongings.
The Digital Asset Anti-Cash Laundering Act is a direct assault on technological progress and in addition a direct assault on our private privateness and autonomy.
Make no mistake, whereas proposed as an answer to potential cash laundering and terrorist financing, the invoice is in truth a… pic.twitter.com/8oID1wECGL
— Neeraj Ok. Agrawal (@NeerajKA) December 11, 2023
Critics of the invoice have steered that lawmakers focus on bad actors using the know-how reasonably than digital belongings and their underlying infrastructure. Steve Weisman, a cybersecurity knowledgeable, backed the legislation in a November Senate listening to, calling it a “no-brainer” to deal with cash laundering considerations.