U.S. Senator Elizabeth Warren introduced legislation Monday to address her concerns surrounding the alleged misuse of digital currencies in illicit activities, citing money laundering, drug trafficking, sanctions evasion, and more.
The bill, supported by a coalition within the Banking Committee, marks a significant push for increased oversight and regulation within the Bitcoin and cryptocurrency sphere. Citing risks associated with cryptocurrencies, Senator Warren stressed that digital currencies are used as an avenue for criminal activities, and that must be addressed through stringent regulatory frameworks.
Warren's bill aims to mandate stricter reporting requirements by extending the Bank Secrecy Act (BSA) responsibilities, including Know-Your-Customer requirements, file reports on "transactions involving unhosted wallets," and more. All attempt to close "loopholes and bring the digital asset ecosystem into greater compliance."
Last Thursday, Senator Warren went live on CNBC claiming that North Korea is using Bitcoin and crypto to fund nearly half of its nuclear weapons program.
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