U.S. Senator Warren’s Cryptocurrency Anti-Money Laundering Bill Won the Support of 9 More Senators

Odaily Planet Daily reported that U.S. Senator Elizabeth Warren’s bipartisan cryptocurrency anti-money laundering bill received support from nine other senators, including Homeland Security Committee Chairman Gary Peters, Judiciary Committee Chairman Dick Durbin, and Senators Tina Smith, Angus King, Key figures include Michael Bennet, Bob Casey, Catherine Cortez Masto, Jeanne Shaheen and Richard Blumenthal. The Digital Asset Anti-Money Laundering Law aims to strengthen supervision of emerging industries. It does this by addressing existing vulnerabilities and integrating the digital asset ecosystem more closely with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework that governs the broader financial system. Lawmakers highlighted a significant increase in the use of illicit digital assets, which reached $20 billion, with 44% of transactions linked to entities sanctioned last year. In response, Warren and other lawmakers are pushing to expand the scope of the Bank Secrecy Act and impose KYC requirements on digital asset wallet providers, miners and other participants in cryptocurrency networks. (CryptoSlate)