Senators Backed Legislation To Tighten Crypto Regulation

09/18/2023

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Last week, U.S. Senator Elizabeth Warren put forward a bill aimed at tightening regulation of cryptocurrencies to fight the use of cryptocurrencies for money laundering, drug trafficking and sanctions evasion.

Nine other senators supported Warren, joining a coalition. The press release said Senators Gary Peters, Dick Durbin, Tina Smith, Angus King, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet and Catherine Cortez Masto joined the bill.

The anti-cryptocurrency activist also stressed Congress' willingness to act and added that her bill seeks to expand the regulator's powers. The bill also aims to eliminate loopholes that allow fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs and profit from devastating cyberattacks, according to Warren.

Notably, Warren supported the regulator's policies at the recent Senate hearing, while many criticized the SEC and Gensler's actions.

If the bill is adopted, KYC and AML requirements will become mandatory for all network participants. This also includes crypto wallets, miners and validators.

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Gary Gensler