Digital Asset Anti-Money Laundering Act Gains More Senate Support

Growing Support for Elizabeth Warren's AML Bill Targeting Crypto Gains More US Senators

US senators support Warren’s AML bill for crypto

Massachusetts Senator Elizabeth Warren may not be a fan of digital assets, but she sure knows how to gather a posse. In a recent announcement, Warren revealed that five more senators have agreed to cosponsor her Digital Asset Anti-Money Laundering Act. And let me tell you, this bill is no joke when it comes to cracking down on money laundering.

So, who are these new recruits joining Warren’s fight? We’ve got Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján stepping up to the plate. And here’s why they’re backing Warren’s bill: it aims to specifically target the nefarious activities of using crypto assets for money laundering and financing terrorism.

Warren couldn’t contain her excitement, stating, “I’m glad that five new senators are joining the fight to take action, including three members of the Banking Committee. Our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”

And trust me, this bill already had some serious backup. Bipartisan support was pouring in from organizations like the Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, the National Consumer Law Center, and the National Consumers League. These folks know that when it comes to fighting the dark side of crypto, this bill means business.

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Now, critics of the bill have suggested that lawmakers shift their focus to the bad actors exploiting the technology, instead of targeting all digital assets and their underlying infrastructure. But let me tell you, this bill has some heavy supporters. Even cybersecurity expert Steve Weisman spoke up in a November Senate hearing, calling it a “no-brainer” to address money laundering concerns. So you know it’s legit.

But hold on to your hats, folks, because here’s where it gets interesting. In a December hearing of the Senate Banking Committee and subsequent interviews, Warren made a claim that’s sure to blow your socks off. She stated that around half of North Korea’s missile program was funded by digital assets. I mean, who knew those crypto coins could make missiles rain from the sky? It’s like something out of a superhero movie!

So, there you have it. The Digital Asset Anti-Money Laundering Act is gaining more steam and more Senate support. If you’re a digital asset investor, you might want to keep an eye on this one. And remember, it’s all about keeping things clean in the crypto world. Let’s crack down on the bad guys and let the good ones thrive.

Now, we’d love to hear your thoughts on this bill. Do you think it’s necessary? Will it make a real impact? Let us know in the comments below!

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