US Senator Elizabeth Warren Pushes for Tighter Anti-Money Laundering Rules for Cryptocurrency Companies

02/15/2023 01:16 • Metaverse Matters • 143 views

It is reported that US Senator Elizabeth Warren promised to reintroduce a bill at the Senate hearing on Tuesday to tighten the anti-money laundering rules of cryptocurrency companies and add barriers to the industry. She plans to reintroduce relevant legislation with Senator Roger Marshall to extend the anti-money laundering law to a wide range of areas of the cryptocurrency ecosystem, including digital asset wallet providers, miners, verifiers and other blockchain network participants, and said that the current anti-money laundering rules are not fully applicable to encryption companies.

US Senator Warren promised to reintroduce the cryptocurrency anti-money laundering bill

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US Senator Elizabeth Warren has made a promise to reintroduce a bill during the Senate hearing on Tuesday that aims to tighten the anti-money laundering rules of cryptocurrency companies. She believes that the current regulations are not enough to address the growing concerns of the cryptocurrency industry’s potential for facilitating illicit activities such as money laundering and funding for terrorism.

Warren’s proposed legislation aims to extend the anti-money laundering law to a wide range of areas within the cryptocurrency ecosystem. This includes digital asset wallet providers, miners, verifiers, and all other blockchain network participants. By doing so, she seeks to curb the potential need for intermediaries or third parties to facilitate illicit transactions in the crypto space.

According to Warren, the growing popularity of cryptocurrency has highlighted the need for more robust regulation. She argues that the current regulations in place are not sufficient to keep up with the changing landscape of the cryptocurrency market. She also highlights how the current anti-money laundering rules are limited in their application to crypto companies.

Warren’s proposed legislation could bring about significant changes in the cryptocurrency industry, which has become a popular choice for criminals and hackers to launder ill-gotten gains. By extending the anti-money laundering law to all parties involved in the blockchain network, it could help prevent the use of cryptocurrencies for illicit activities.

In summary, Elizabeth Warren’s call for tighter anti-money laundering rules for cryptocurrency companies is a welcome move in the fight against money laundering and terrorist financing. The growing popularity of cryptocurrencies has highlighted the need for more robust regulation, and Warren’s proposed legislation could extend the application of existing regulations to crypto companies. This can help in preventing the misuse of cryptocurrencies for illegal activities.

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