Warren Pushes for Crypto Regulation in Senate

Warren argues that the crypto industry needs to adhere to the same regulations as the traditional financial sector to combat illicit activities.

Cryptocurrency, according to Sen. Elizabeth Warren, must conform to the rest of the U.S. financial sector.

The Senate is awaiting approval of an anti-money-laundering resolution that would apply the Bank Secrecy Act to cryptocurrencies.

Once more, Sen. Elizabeth Warren (D-Mass.) has criticized the cryptocurrency industry. She stated in a Bloomberg Television interview that she desires to collaborate with industry leaders; however, they are reluctant to adhere to the rules.

Warren stated, “I want to collaborate with the industry; however, I am perplexed as to why the industry seems to believe that their survival is contingent on consumer scammers, drug traffickers, and human traffickers, as well as terrorists and ransomware scammers.”

Warren’s Proposed Legislation Faces Senate Hurdles

She stated that everyone in the U.S. financial system must adhere to the same regulations, and cryptocurrencies must do the same.

The Democrat’s reference pertained to her “Digital Asset Anti-Money Laundering Act” measure, which would impose anti-money-laundering obligations on wallet providers, miners, validators, and other participants in the cryptocurrency industry.

The legislation was initially met with some support when it was introduced a year ago by a senator who was adamantly opposed to cryptocurrencies. The bill has encountered several obstacles, however, due to the Senate Banking Committee’s preoccupation with other issues.