Today, US Senator Elizabeth Warren presented legislation to resolve her issues surrounding the supposed abuse of digital currencies in illegal activities, pointing out cash laundering, drug trafficking, sanctions evasion, and more.
The bill, supported by a union within the Banking Committee, marks a substantial push for increased oversight and guideline within the Bitcoin and cryptocurrency sphere. Citing threats connected with cryptocurrencies, Senator Warren worried that digital currencies are utilized as an opportunity for criminal activities, which need to be dealt with through rigid regulative structures.
“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,” stated Warren. “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.”
Senator Warren’s bill intends to mandate more stringent reporting requirements by extending the Bank Secrecy Act (BSA) duties, consisting of Know-Your-Customer (KYC) requirements, file reports on “transactions involving unhosted wallets”, and more. All in effort to close “loopholes and bring the digital asset ecosystem into greater compliance.”
This bill is backed by Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, Massachusetts Sheriffs’ Association, AARP, National Consumer Law Center, and National Consumers League.
The proposed legislation comes at a time when the appeal and adoption of Bitcoin has actually risen worldwide, especially in the United States. As next month, the Securities and Exchange Commission (SEC) will need to decide on whether to authorize the US’s very first area Bitcoin exchange traded fund (ETF) or not, which if authorized, might see huge institutional and retail need for BTC.
Last Thursday, Senator Warren went live on CNBC declaring that North Korea is utilizing Bitcoin and crypto to money almost half of its nuclear weapons program.
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