Senators Back Elizabeth Warren's Cryptocurrency Bill
Date: 2023-09-18 Author: Dima Zakharov Categories: BLOCKCHAIN, IN WORLD
In a groundbreaking move, Senator Elizabeth Warren has expanded her coalition to combat the illicit use of cryptocurrencies in money laundering, drug trafficking, and sanctions evasion as part of her cryptocurrency bill. According to the statement released by Senator Warren's office, nine U.S. senators have thrown their support behind the bill aimed at tackling money laundering within the realm of digital assets.
U.S. Senators Supporting Elizabeth Warren's Cryptocurrency Bill
Warren welcomed the supporters of her new bill, stating that the coalition demonstrates Congress's readiness to take action. This bipartisan bill represents the most stringent proposal yet for combating illegal cryptocurrency use and provides regulators with more tools in their arsenal.
The bill has gained approval from Transparency International USA, Global Financial Integrity, the National Association of District Attorneys, sheriffs from major U.S. counties, the National Consumer Protection Center, and the National Consumer League.
Warren reintroduced the Anti-Money Laundering in Digital Assets Act with Senators Joe Manchin, Roger Marshall, and Lindsey Graham in July 2023.
Elizabeth Warren's Consistent Critique of the Crypto Industry
Senator Elizabeth Warren has consistently warned that turbulence in the digital asset space will persist until regulatory bodies strengthen investor protection.
"Despite all the talk of innovation and financial inclusivity, crypto giants, from FTX to Voyager, are collapsing under the weight of their own fraud, deception, and rampant recklessness," she said.
In her view, crypto fraud is a significant problem, but one that can be resolved. She noted that over the past two years, the SEC has made a "good start" by curbing cryptocurrency volatility within the traditional banking system and preventing Bitcoin exchange-traded funds from entering the market.
She is convinced that cryptocurrency mining firms are polluting local communities, straining power grids, and increasing utility costs in areas from Texas to New York. The Department of Energy and the Environmental Protection Agency have the authority to demand cryptocurrency miners disclose information about their energy usage and environmental impact.
