Senator Elizabeth Warren’s proposed crypto Anti-Money Laundering bill has sparked controversy within the crypto industry. However, critics have pointed out that Warren’s bills have a history of not gaining traction.
According to data from GovTrack, Warren has introduced 330 bills during her time as a senator, but only one has been enacted as is. Most bills either get folded into other legislation or do not pass.
Warren’s Digital Asset Anti-Money Laundering Act, reintroduced in July, aims to close gaps in money laundering regulations by classifying various crypto applications and firms as regulated financial institutions. The bill has bipartisan support and five Democratic senators have agreed to co-sponsor it.
Opponents of the bill argue that it would effectively ban cryptocurrencies in the US. They point to clauses that extend Know Your Customer (KYC) requirements to crypto wallet providers, miners, and validators, claiming that decentralized software cannot perform centralized compliance functions.
Some critics view the bill as a direct attack on technological progress and personal privacy. They argue that it goes against liberal values and cannot be improved, only opposed in its entirety.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Alex Thorn, Neeraj Agrawal, Elizabeth Warren |
| Companies | American Military News, US Space Force, Bank Secrecy Act, GovTrack, Galaxy Research |
| Currencies | Bitcoin |
| Securities | None |
