2023-12-12 14:04:14
According to Senator Warren, digital currencies are used to commit crimes and therefore need to be protected by strict regulatory frameworks.
Elizabeth Warren US senator introduced legislation todaywhich addresses concerns about the alleged misuse of digital currencies in illegal activities, citing money laundering, drug trafficking and sanctions evasion, among others.
The bill, supported by a coalition within the banking committee, would mean increased oversight and regulation within the bitcoin and cryptocurrency sphere. Referring to the risks associated with cryptocurrencies, Senator Warren emphasized that digital currencies are being used for criminal activities and this should be addressed with a strict regulatory framework.
“The Treasury Department is making it clear that we need new laws to crack down on the use of cryptocurrencies, which enable terrorist groups, rogue nations, drug lords, ransom gangs and fraudsters to launder billions in stolen funds, evade sanctions, illegally fund weapons programs and profit from devastating cyberattacks” Warren said. “I’m pleased to have five new senators join the fight, including three members of the Banking Committee — our bipartisan bill is the toughest proposal on the table to crack down on the illicit use of crypto and give regulators more tools in their toolbox.”
Senator Warren’s bill seeks to impose stricter reporting requirements by expanding Bank Secrecy Act (BSA) obligations, including Know-Your-Customer (KYC) requirements, custodial wallet reporting and more. All this in order to “loopholes are being closed and the ecosystem of digital devices is being brought into greater compliance”.
The proposed legislation comes as the popularity and adoption of bitcoin has surged worldwide, particularly in the United States. Next month, the SEC must decide whether or not to approve the first U.S. spot bitcoin ETF, the approval of which could bring a huge surge in institutional and retail demand for bitcoin.
Last Thursday, Senator Warren appeared live on CNBC, claiming that North Korea is using bitcoin to fund nearly half of its nuclear weapons program.
1702394975
#Senator #Introduces #Bill #Disconnect #Bitcoin