The main opponent of the free circulation of cryptocurrencies in the American Congress at a meeting of the Senate Banking Committee called on legislators to support her law to combat illegal forms of use of digital assets.
Elizabeth Warren says her legislative initiative has already received the support of 19 members of the Senate. And she hopes that “common sense will prevail” and her supporters, along with other congressmen, “will achieve effective measures to combat the criminal use of crypto assets.”.
If the law comes into force, anti-money laundering rules from the field of traditional finance will fully apply to players in the digital asset market. According to the draft document, KYC (Know Your Customer) rules will affect offline wallet providers, miners, validators and other independent network participants.
All US financial institutions will become accountable to the authorities and will be required to submit reports on measures to prevent money laundering, tax evasion and other criminal activities, says the senator.
“The bill would close holes in our anti-money laundering rules to make it easier for financial regulators to track suspicious cryptocurrency activity, making it more visible and stopping scammers,” Warren said..
The senator referred to a report from the analytical company Chainalysis, which states that from 2022 to 2024, the share of stablecoins in cybercriminal transactions amounted to more than 50%.
Senate Banking Committee Chairman Senator Sherrod Brown echoed Elizabeth Warren's concerns about the potential use of crypto assets in financial fraud and said he plans to return to discuss the issue in more detail “in the next few weeks.”.
Previously, the non-profit human rights organization Stand With Crypto Alliance, created by the cryptocurrency exchange Coinbase, reported that at least 18 US senators actively support the crypto industry, and about a third of the Senate members have a moderately positive assessment of the processes of crypto-industrialization.