Major nations, investors and notorious industry figures agree. A strict regulatory framework is essential to secure both the cryptocurrency market and its users. Moreover, the efforts of all crypto regulators today go in this direction (and not only in the United States). For her part, Senator Elizabeth Warren specifically targets money laundering via crypto. This is the very essence of his new bill.
Bipartisan Legislation Against Crypto Money Laundering
“Digital Asset Anti-Money Laundering Act of 2022”. This is the title of the new bill introduced by Senator Elizabeth Warren. For many, this is a response to the many recent scandals in the crypto market. We refer more specifically to the fall of FTX.
Also supported by Roger Marshall, Senator from Kansas, the ” Digital Asset Anti-Money Laundering Act of 2022 has a number of objectives:
- Implement compliance standards identical to those of the traditional financial system
- Reduce the risks of using crypto
- Extending Bank Secrecy Act Responsibilities to Digital Assets…
“The crypto industry should follow common sense rules like banks, brokers and Western Union, and this legislation would ensure that the same standards apply to similar financial transactions. “explains Warren in his press release.
Cybercrime: the figures are more than alarming
According to data collected by Senator Warren’s office, the gains made by cybercriminals amounted to more than $14 billion in 2021. With the development of the crypto market, it is evident that these figures have increased (significantly ). And again, these data only concern the United States (and only the facts reported by the authorities or by the regulators).
When it comes to crypto money laundering specifically, the phenomenon does not just include traffickers. “Rogue nations, oligarchs, drug lords and human traffickers use digital assets to launder billions in stolen funds, evade sanctions and fund terrorism,” Warren said in the statement.
Elizabeth Warren isn’t the only US senator pushing for crypto regulation. Cynthia Lummis also holds the same speech. She is currently working on a bill to include Bitcoin in US 401K retirement plans.
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