U.S. Senator Elizabeth Warren has expanded her effort to combat the so-called risks that crypto poses, with her Digital Asset Anti-Money Laundering Act, which now has the support of nine other senators.
In a press release posted to her website, Warren said that Senators Gary Peters, Dick Durbin, Tina Smith, Angus King, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet and Catherine Cortez Masto had joined the coalition in support of the bill.
The bill, which seeks to close loopholes and bring the digital asset ecosystem into greater compliance, was introduced by Warren in July 2023, along with Senators Joe Manchin, Roger Marshall and Lindsey Graham.
“Crypto is enabling rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,” said Warren in a statement.
“Our expanding coalition shows that Congress is ready to take action – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox,” she added.
If passed, the bill would extend the frameworks that apply to traditional financial institutions to crypto firms, making the KYC and AML requirements outlined in the Bank Secrecy Act (BSA) applicable to all network participants. This includes digital asset wallet providers, miners and validators.
Warren is known for being an outward critic of cryptocurrencies, suggesting in a March opinion piece for The New York Times that crypto investors were in part to blame for the collapse of Silicon Valley Bank (SVB).
A month later, Warren tweeted that she was building an “anti-crypto army” from her campaign account.