{"id":17061,"date":"2023-01-30T02:53:49","date_gmt":"2023-01-30T02:53:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-senator-focused-on-crypto-money-laundering-crackdown-urges-congress-regulators-to-take-action-regulation-bitcoin-news\/"},"modified":"2023-01-30T02:53:49","modified_gmt":"2023-01-30T02:53:49","slug":"us-senator-focused-on-crypto-money-laundering-crackdown-urges-congress-regulators-to-take-action-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-senator-focused-on-crypto-money-laundering-crackdown-urges-congress-regulators-to-take-action-regulation-bitcoin-news\/","title":{"rendered":"US Senator Focused on Crypto Money Laundering Crackdown \u2014 Urges Congress, Regulators to Take Action \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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U.S. Senator Elizabeth Warren has called on Congress to ensure regulators, such as the Securities and Exchange Commission (SEC), have the tools to regulate the crypto industry effectively and crack down on crypto money laundering activities. \u201cThe current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,\u201d the lawmaker stressed.<\/strong><\/p>\n

Senator Urges Congress to Crack Down on Crypto Money Laundering<\/h2>\n

U.S. Senator Elizabeth Warren (D-MA) said in an interview with Politico\u2019s Morning Money Wednesday that cracking down on money laundering activities is her \u201cmain focus\u201d in terms of crypto-related legislation.<\/p>\n

The senator confirmed that she will reintroduce her bill titled \u201cDigital Asset Anti-Money Laundering Act of 2022.\u201d Originally introduced in December last year, this bill is \u201cthe most direct attack<\/a>\u201d on the personal freedom and privacy of crypto users, according to experts in the field.<\/p>\n

Warren explained that money laundering is \u201cnot nearly as visible to the public\u201d as fraud. \u201cIt occurs in the darkest shadows of the crypto world, but its impact on our national security and law enforcement is immense. \u2026 The current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,\u201d the senator described, elaborating:<\/p>\n

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This is not about inventing any new form of anti-money laundering rules. This is about applying exactly the same set of rules that apply across every other financial industry.<\/p>\n<\/blockquote>\n

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has also said that crypto should be treated the same<\/a> as other capital markets.<\/p>\n

Senator Warren Wants Congress to Empower Regulators to Be Effective \u2018Cop on the Beat\u2019<\/h2>\n

\u201cThere are two very different kinds of crypto problems,\u201d Warren continued, noting that \u201cone is consumer fraud.\u201d The senator stressed: \u201cThat\u2019s what we\u2019ve seen when FTX and other exchanges collapsed. It\u2019s part of the pump and dump and rug pulls, and all the other ways that customers get cheated.\u201d Emphasizing that both Congress and regulators need to take action, she detailed:<\/p>\n

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There are a lot of regulatory tools out there already to deal with that. We need regulators to use those tools, and Congress needs to make sure that those regulators have the resources they need to be an effective cop on the beat.<\/p>\n<\/blockquote>\n

SEC Chair Gensler has often said<\/a> that the securities regulator \u201cwill serve as the cop of the beat\u201d and bring enforcement actions against uncompliant crypto firms. Senator Warren has been pushing for the SEC to impose tougher rules<\/a> on the crypto sector and use its full authority to regulate crypto trading<\/a>.<\/p>\n

Warren has long been a crypto skeptic. She has warned about \u201ca run on crypto<\/a>\u201d that may need a federal bailout and has repeatedly raised concerns about the environmental<\/a> impact of bitcoin mining. She wants Congress and the Treasury to urgently adopt<\/a> a policy to mitigate crypto risks. Following the collapse of crypto exchange FTX, she also urged Fidelity Investments to stop offering<\/a> bitcoin as an option in 401(k) retirement accounts.<\/p>\n

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congress crypto<\/a>, congress cryptocurrency<\/a>, cop on the beat<\/a>, Crypto regulation<\/a>, crypto regulator<\/a>, elizabeth warren crypto<\/a>, elizabeth warren cryptocurrency<\/a>, elizabeth warren sec crypto<\/a>, Gary Gensler<\/a>, gary gensler crypto<\/a>, sec crypto<\/a>, senator crypto<\/a>, senator elizabeth warren<\/a><\/div>\n<\/div>\n

What do you think about the statements made by Senator Elizabeth Warren? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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