Five more United States Senators have backed Senator Elizabeth Warrenās Digital Asset Anti-Money Laundering Act to curb cryptoās illicit finance risks.
The legislation aims to align the digital asset ecosystem with anti-money laundering and counter-financing of terrorism frameworks, mitigating potential loopholes.
SponsoredSenators Join A List Of Existing Supporters
According to a recent statement, Senators Warnock, Butler, and Van Hollen, all part of the Senate Banking, Housing, and Urban Affairs Committee, joined the bill. Meanwhile, Senators John Hickenlooper and Ben Ray LujĆ”n joined as cosponsors.Ā
This amplifies existing support from 14 other Senators.
However, Senator Warren stresses the Treasury Departmentās call for new laws to combat cryptoās role in aiding terrorist groups. Furthermore, in aiding rogue nations, drug lords, ransomware gangs, and fraudsters.
Warren claims to welcome the added support, emphasizing the bill as a robust proposal to crackdown on cryptoās illicit use.
Meanwhile, Senator Van Hollen emphasizes the risks of cryptoās lack of legal safeguards. He advocates for transparency rules akin to traditional banks.
However, Senator Hickenlooper supports the reforms to protect transparent innovation, drawing parallels between crypto and traditional banking safeguards.
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Widespread Backing for the Bill Continues to Grow
On the other hand, Senator LujĆ”n highlights the vulnerabilities arising from cryptoās limited oversight, endorsing the bipartisan legislation as a means to establish strong standards.
The proposed legislation has gained endorsements from various entities, including the Bank Policy Institute, Massachusetts Bankers Association, and Transparency International U.S.
However, the statement reiterates warnings from the Treasury Department, Department of Justice, and national security experts underscore the urgency.
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