The US Senator focuses on taking the crypto money laundering-asks the congress and the supervisory authorities to take measures-regulation

Senator Elizabeth Warren has asked Congress to ensure that regulatory authorities such as Securities and Exchange Commission (SEC) have the instruments in order to effectively regulate the crypto industry and to proceed against crypto money laundering activities. "The current legal structure essentially holds up a huge sign over crypto, which says that money laundering is being carried out here," emphasized the legislator.

Senator calls on the congress to take action against crypto money laundering

Senator Elizabeth Warren (D-MA) said in an interview with Politico's Morning Money Wednesday that the fight against money laundering activities was her “main focus” in terms of crypto legislation.

The senator confirmed that she will bring her bill entitled "Digital Asset Anti-Money Laundering Act of 2022". Originally introduced in December last year, this draft law is "the directest attack "about the personal freedom and privacy of crypto users, according to experts in this area.

Warren said that money laundering was "not nearly as visible to the public" as fraud. "It occurs in the darkest shadows of the cryptocelt, but its effects on our national security and law enforcement are immense. ... The current legal structure essentially keeps up with a huge sign over crypto, which says that money washing is carried out here," the senator described:

This is not about inventing any new form of anti-money laundering rules. This is about using exactly the same rules that apply in any other financial sector.

The chairman of the US Securities and Exchange Commission (Sec), Gary Gensler, also said that Krypto should be treated equally like other capital markets.

Senator Warren wants the congress to authorize the regulatory authorities to be effective "cop on the beat"

"There are two very different types of crypto problems," continued Warren and noticed that "a consumer fraud is". The Senator emphasized: "We saw that as FTX and other exchanges collapsed. It is part of the pump-and-dump and rug sweater and all the other ways of being cheated on how customers are cheated." She emphasized that both congress and regulatory authorities have to take measures and stated:

There are already many regulatory instruments to deal with it. We need supervisory authorities to use these instruments, and the congress must ensure that these supervisory authorities have the resources they need to be an effective policeman on the spot.

SEC chairman Gensler has often said that the security supervisory authority " Bull of the blow will serve ”and enforce measures against non -compliant crypto companies will initiate. Senator Warren pushed for the SEC to enforce it stricter rules to the cryptosector and use its full authority regulate cryptoandel .

Warren has long been a crypto skeptic. She warned " a run on crypto " Federation needed and repeated concerns about it environmental Bitcoin mining. She wants the Congress and the Ministry of Finance do this urgently urgently Assume a guideline for reducing crypto risks. After the collapse of the crypto exchange FTX, she also urged Fidelity Investments stop offering bitcoin as an option in 401 (K) pension accounts.

What do you think of the statements of Senator Elizabeth Warren? Let us know in the comment area below.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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