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.