Two US Senators, including Elizabeth Warren, , Bipartisan Bill on Regulation of Virtual Currencies. Entitled the Digital Assets Anti-Money Laundering Act, the bill is “the most direct attack yet on the personal freedoms and privacy of cryptocurrency users and developers,” according to crypto advocates.
Digital Assets Anti-Money Laundering Act of 2022 Takes Effect
US Senators Elizabeth Warren (D-MA) and Roger Marshall (R-KS) introduced new laws regulating the sector Wednesday. Their billis titled “The Digital Assets Anti-Money Laundering Act of 2022” and aims to crack down on money laundering in the cryptocurrency industry.
Senator Warren tweeted on Wednesday:
By closing some loopholes and applying some common sense rules, rogue states, oligarchs, You can crack down on how drug traffickers use cryptocurrencies. It launders billions of dollars, evades sanctions and finances terrorism. I have a bipartisan bill for that.
The law mandates the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to “allow any non-custodial and hosted wallet provider, cryptocurrency miner, validator, or third party or other nodes that it may act to protect”. , independent network participants, including MEV searchers, and other validators controlling network protocols as money service businesses,” according to the text of the bill.
The Coin Center, a crypto policy think-tank, said Senator Warren’s bill would allow “all governments to help maintain public blockchain infrastructure through software development or verification of transactions on the network.” to force people to register as a financial institution (FI).” The Crypto Advocacy Group added:
As a financial institution, anyone who uses software or submits transactions via an internet-connected computer You are obligated to identify and record personal information.
Additionally, the law prohibits all financial institutions from conducting transactions involving privacy tools such as Tornado Cash and privacy coins such as Zcash and Monero. ’” Coincentre pointed out.
Senator Warren Condemns New Crypto Bill
Many people on Twitter condemned Senator Warren’s new crypto bill. Bitcoin supporter Senator Cynthia Lumis tweeted: That dog doesn’t hunt.
Blockchain law professor J.W. Berrett responded to Warren’s tweet: “This bill will make it easier for criminals to track transactions&. Block civil rights by monitoring donors.” Your description of the scale of illegal use is contrary to Treasury testimony.Your push here is fundamentally deceptive.”
Coins Neeraj Agrawal, Communications Director of the Center, said: Nothing prevents the next FTX. Commenting on Warren’s cryptocurrency bill, Coincenter executive his director Jerry Britt tweeted: Personal freedom and privacy for cryptocurrency users and developers that we have yet to see.
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