Senator Elizabeth Warren has launched a new regulatory campaign to protect crypto. This is because she believes that criminal entities are using crypto to finance terrorism.
The Massachusetts Democrat recently proposed bipartisan legislation designed to stifle crypto money laundering and other crimes.
“Rogue states, drug lords and oligarchs are using crypto money to launder billions and evade sanctions. They also finance terrorism. My bipartisan bill lays out common-sense guidelines to close loopholes for crypto money laundering and protect national security.
The Bill requests that the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), issue guidelines for the digital assets industry. These regulations are intended to make it difficult for criminals to use cryptocurrency assets as tools of crime.
Warren suggested that American citizens who participate in crypto transactions worth more than $10,000 outside the US should report this to the authorities.
“No less than 120 days after the date on which this Act was enacted, the Financial Crimes Enforcement Network will promulgate a rule that obliges United States citizens who have engaged in a digital asset transaction of more than $10,000 through one or multiple accounts outside the United States to file an investigation.”
FinCEN must also classify unhosted bitcoin wallets, crypto miners and node validators under regulation as money service companies.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
