- The U.S. crypto crackdown bill has received more support in the Senate.
- Senator Warren lauded the new lawmakers for co-sponsoring the bill.
- Multiple U.S.-based institutions have also endorsed the bill.
Senior United States senator from Massachusetts, Elizabeth Warren, has announced an expanded coalition supporting her bipartisan crypto crackdown bill.
Introduced in December last year, the Digital Asset Anti-Money Laundering Act of 2022 aims to mitigate the risks posed by cryptocurrencies and other digital assets to U.S. national security by closing loopholes in the current anti-money laundering and counter-terrorism financing frameworks.
Senator Warren’s Bill Garners More Support
In a press release dated December 11, Senator Warren announced that five more senators are now supporting the bill, including three members of the Banking, Housing, and Urban Affairs Committee.
The new co-sponsors include Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján.
Lauding the move by the new Senators to back the bill, Warren noted that the proposed bipartisan legislation comes at a time when the U.S. needed the “toughest” laws to crack down on crypto’s illicit use and to empower regulators with “more tools in their toolbox.”
“The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,” Senator Warren stated.The development comes after Deputy Secretary of the Treasury Wally Adeyemo recently urged Congress to pass “a set of common-sense recommendations” that would expand the Treasury’s authority and broaden its tools to pursue illicit actors in the digital assets space.
Besides agreeing with Adeyemo’s take, the new senators stated that the bill seeks to protect American consumers from harm.
Establishing Crypto Safeguards for Consumer Protection
According to Senator Luján, Americans are currently exposed to high risks in the digital assets industry because “cryptocurrencies operate with little to no oversight.”
“I’m proud to join my colleagues in this effort to protect people from the criminal activity that unregulated crypto use has enabled. This bipartisan legislation will establish safeguards to ensure crypto use is met with strong standards to keep Americans safe,” Senator Luján remarked.Various institutions, including the Bank Policy Institute, National Consumers League, Transparency International U.S, and Global Financial Integrity, have endorsed the bill.
Read why U.S. lawmakers want the government to curb crypto-funded terrorism:
U.S. Lawmakers Press Biden to Combat Crypto-Funded Terrorism
Stay updated on why Senator Warren thinks crypto is a threat to the U.S.:
Senator Warren Labels Crypto a Threat to the United States
