US Senator Focuses on Crypto Money Laundering Crackdown – Urges Congress, Regulators to Act
In an interview with Politico’s Morning Money on Wednesday, US Senator Elizabeth Warren (D-MA) stated that her main focus in crypto-related legislation is to crack down on and prevent activities such as money laundering, and that- Together we are working for that only so that there is no laxity in the crypto industry and the industry does not have to suffer the consequences of any kind of uncertain act. The senators confirm that they will reintroduce the anti-money laundering bill from the 2022 digital set. Originally introduced in December last year, the bill, according to experts, is a direct assault on the personal liberty and privacy of cryptocurrency users, putting their privacy at risk and certainly Asks him to compromise. Warren makes it clear that money laundering activities and fraud are almost invisible to the public and remain in the darkest shadows of the world, but our national security and law enforcement officials are very active in this matter and its impact. know too much….
The current legal framework essentially provides a huge stipulation on cryptocurrencies. This Bill is not about inventing any new form of anti-money laundering rules, but about implementing them exactly as they are implemented in every other financial institution in other industries.
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), has also stated that cryptocurrencies should be treated on par with other capital markets and that there are two different types of problems relative to the same – he continued that one is consumer fraud. The Senator goes on to say that this is what we have seen with the collapse of FTX and other exchanges, and it is certainly part of the pump and shove and all the other ways customers are defrauded, emphasizing that both Congressional and regulatory action is needed.
She elaborated that there are already a lot of regulatory tools in place to deal with this and we need a set of rules to use those tools and Congress has to make sure that regulators have enough resources to beat them. But there is a need to become an effective police.
The chairman of the Securities and Exchange Commission has said that the securities regulator will “act as the beat police” and take enforcement action against non-compliant crypto pharma, as Senator Warren is pushing and at the same time trying to pressure the Securities and Exchange Commission to impose stricter regulations on the crypto sector and exercise full authority to fully regulate crypto trading . As for Warren, she has long been a sceptic of cryptocurrencies and has warned about a “run on crypto” that could lead to a federal bailout and the environmental impact of bitcoin mining. she has expressed more and more concern. She wants Congress and the Treasury to urgently act on or adopt a significant policy to reduce crypto risk. she called on Fidelity Investments to stop offering bitcoin as an option in 401(k) retirement accounts following the collapse of the crypto exchange.
