Digital Asset Anti-Money Laundering Bill Gets Fresh Support

By Mark Hunter

7 hours agoTue Dec 12 2023 10:48:19

Digital-Asset-Anti-Money-Laundering-Bill-Gets-Fresh-Support

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  • Senator Elizabeth Warren has added five more recruits to her “anti-crypto army”
  • Five more Senators are now backing her Digital Asset Anti-Money Laundering Act
  • The act aims to crack down hard on the crypto industry to prevent illegal use

Senator Elizabeth Warren’s battle to bring the crypto space to its knees has apparently gathered pace following a show of support for her Digital Asset Anti-Money Laundering Act. Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján have joined the bipartisan initiative, which targets illicit uses of cryptocurrencies for money laundering and terrorism financing. The legislation, reintroduced in July, aims to provide regulators with enhanced tools to combat crypto-related illicit activities. 

Warren’s Bill Gains More Support

Warren embraced the suggestion in March that she is building an “anti-crypto army” as part of her re-election campaign, claiming that roughly half of North Korea’s missile program is funded by theft of digital assets.

The bill already enjoys support from various senators and organizations, including the Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., and more, leading to accusations that she is being paid by the banking industry to fight against crypto.

Announcing her five new recruits, Warren said, “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,” adding that her bill was the best way the country would “[crack] down on crypto’s illicit use and giving regulators more tools in their toolbox.”

Snowden Says No(den)

One man who won’t be supporting Warren, however, is whistleblower and crypto advocate Edward Snowden, who took to X to air his displeasure at the connection between Warren and the big banks:

So now we live in a world where a pro-banker Elizabeth Warren sits, stays, and rolls over for the CEO of JP Morgan so long as he feeds her self-serving attacks on his industry’s primary competitor.

What’s next, a pro-war Bernie?

— Edward Snowden (@Snowden) December 8, 2023

The Digital Asset Anti-Money Laundering Act is part of a broader legislative push to regulate and address concerns related to the use of digital assets for unlawful purposes.