US banking advocacy group supports Sen. Warren’s reintroduced crypto bill
United States banking advocacy group, the Bank Policy Institute (BPI), has backed the legislation of Senator Elizabeth Warren, a vocal crypto critic, which calls for more transparency in digital assets to combat financial crime.
According to a July 28 Bloomberg report, Warren reintroduced the proposed bill titled 'Digital Asset Anti-Money Laundering Act of 2023,' on July 28 along with West Virginian Democrat Joe Manchin, Kansas' Republican Roger Marshall, and South Carolina Republican Lindsey Graham.
The BPI has shown its support for the bill, which demands more transparency in digital asset transactions in an effort to combat money-laundering and terrorism financing.
The BPI highlighted the existing Anti-Money Laundering (AML) framework in the U.S. does not account for digital assets, noting:
The seven-page bill, if passed, will require digital-asset wallet providers, miners and others that validate and secure transactions on a blockchain to keep records of their customers identities.
The legislation would also prohibit financial institutions from using digital asset mixers, such as Tornado Cash, which are designed to hide blockchain data.
Related: Elizabeth Warren wants the police at your door in 2024
The Massachusetts Bankers Association, AARP, the National Consumer Law Center and the National Consumers League are among other supporters of the bill.
Tyler Winklevoss, co-founder of crypto exchange Gemini, took aim at the news in a July 28 tweet, suggesting that those opposed to Warren's proposed bill are “doing the right thing.”
When you’ve made enemies with the bankers and Elizabeth Warren, you know you’re doing the right thing. https://t.co/w2WflrkJOu
Warren initially introduced the bill to the U.S. Senate in
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