Fresh outrage erupts over Warren anti-crypto bill as 5 more senators sign on

Dec. 11, 2023

By Jacob Oliver

Senator Elizabeth Warren (D-MA) announced an expanded coalition of Senate support this week for a bipartisan bill to mitigate illicit finance risks posed by cryptocurrencies.

Five additional senators have signed on as the bill’s cosponsors, including three members of the Senate Banking, Housing and Urban Affairs Committee — Senators Raphael Warnock (D-GA), Laphonza Butler (D-CA), and Chris Van Hollen of Maryland (D-MD). Senators John Hickenlooper (D-CO) and Ben Ray Luján (D-NM) also joined.

The Digital Asset Anti-Money Laundering Act seeks to bring the crypto ecosystem into greater compliance with anti-money laundering frameworks governing the traditional financial system.

According to the Treasury Department, digital assets have increasingly been used for money laundering, ransomware attacks, theft schemes, terrorist financing, and other criminal activity. A White House report last year found that in 2021, illicit crypto transactions reached $20 billion globally – an all-time high.

The bill

The bipartisan Digital Asset Anti-Money Laundering Act aims to regulate digital assets like cryptocurrencies to combat illicit finance risks. It would expand the definition of “financial institutions” overseen for anti-money laundering compliance to include cryptocurrency miners, hardware wallet providers, and independent blockchain validators that facilitate digital asset transactions.

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