More US Senators Support Elizabeth Warren’s AML Bill Targeting Crypto

Massachusetts Senator Elizabeth Warren, who has been a vocal critic of digital assets in the US government, has announced that five more senators have agreed to support one of her bills aimed at cracking down on money laundering.

In a Dec. 11 announcement, Senator Warren co-sponsored the Digital Assets Anti-Money Laundering Act, which Senators Raphael Warnock, Lafonza Butler, Chris Van Hollen, John Hickenlooper and Ben Ray Lujan reintroduced in July. According to Warren, the law specifically targets illegal crypto assets for money laundering and the financing of terrorism.

“I am pleased that five new senators have joined the fight for action, including three members of the Banking Committee,” Warren said. “Our bipartisan bill is the strongest proposal on the table to curb illegal use of crypto and give regulators more tools in their toolbox.”

Related: US government removes two crypto AML laws from national defense bill

The bill already had bipartisan support from several senators and organizations, including the Bank Policy Institute, Massachusetts Bankers Association, Transparency International USA, International Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, National Consumer Law Center and the National Consumer League, Warren said in a December announcement. 6 She repeated her claim in Senate Banking Committee hearings and interviews that half of North Korea's missile program is funded by digital assets.

Digital asset anti-counterfeiting legislation is a direct attack on technological progress, as well as a direct attack on personal privacy and autonomy.

Make no mistake, while it's proposed as a solution to counterfeiting and terrorist financing, the bill actually… pic.twitter.com/8oID1wECGL

— Neeraj K. Agrawal (@NeerajKA) December 11, 2023

Critics of the law suggested that lawmakers focus on bad actors using the technology rather than digital assets and infrastructure. Cybersecurity expert Steve Weissman supported the bill in a November Senate hearing, calling it a “no brainer” to address money laundering threats.

Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.