Massachusetts Senator Elizabeth Warren, a prominent critic of digital assets within the United States government, has recently revealed that five additional senators have pledged their support as cosponsors for her bill, which aims to combat money laundering within the digital asset sphere.
In her announcement on December 11, Senator Warren disclosed that Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján have thrown their weight behind the Digital Asset Anti-Money Laundering Act.
This legislation was reintroduced in July and is laser-focused on curbing the illicit use of cryptocurrency for money laundering and the financing of terrorism.
Warren expressed her satisfaction with the growing support, stating, “I’m glad that five new senators are joining the fight to take action, including three members of the Banking Committee.”
She emphasized that their bipartisan bill represents the most stringent proposal currently on the table for combating the illicit use of cryptocurrency while also providing regulators with additional tools to enhance their oversight.
Even before this latest support, the bill had garnered backing from both sides of the aisle and received endorsement from various senators and organizations.
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Notable supporters included the Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, the National Consumer Law Center, and the National Consumers League.
Furthermore, Senator Warren reiterated a claim made during a December 6 hearing before the Senate Banking Committee and subsequent interviews.
She asserted that approximately half of North Korea’s missile program was funded through digital assets, underscoring the urgency of addressing money laundering in the cryptocurrency space.
Critics of the bill have argued that lawmakers should focus their efforts on targeting bad actors who misuse the technology rather than regulating digital assets and their underlying infrastructure.
However, cybersecurity expert Steve Weisman lent his support to the legislation during a Senate hearing in November, labeling it a “no-brainer” in addressing concerns related to money laundering.
In summary, Senator Elizabeth Warren continues to lead the charge in addressing the illicit use of digital assets through her Digital Asset Anti-Money Laundering Act, gaining increased support from fellow senators and organizations, despite some dissenting voices in the ongoing debate.
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