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Senators Backed Legislation To Tighten Crypto Regulation

Senators Backed Legislation To Tighten Crypto Regulation


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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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

Gary Gensler

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