U.S. Banking Advocacy Group Supports Elizabeth Warren's Reintroduced Digital Asset AML Act

Odaily Planet Daily News The U.S. banking advocacy group Bank Policy Institute (Bank Policy Institute) supports Senator Elizabeth Warren's proposed bill aimed at tackling cryptocurrency money laundering. Elizabeth Warren, Joe Manchin, Roger Marshal, Lindsey Graham reintroduced the proposed bill for the Digital Assets Anti-Money Laundering Act 2023 on July 28. The bill was initially introduced to the U.S. Senate in December 2022. The bill focuses on the transparency of digital asset transactions and will require digital asset wallet providers, miners and others who verify and secure transactions on the chain to keep records of their customer identities, with the aim of combating money laundering and terrorist financing. Supporters of the bill also include the Massachusetts Bankers Association, the American Association of Retired Persons (AARP), the National Consumer Law Center and the National Consumers Union. Warren originally introduced the bill at a December 2022 Senate Banking Committee hearing on "Cryptocurrency Crash: Why the FTX Bubble Bursted and the Dangers to Consumers." She told the hearing that cryptocurrencies should be subject to the same anti-money laundering regulations as banking institutions. (Cointelegraph)