Patrick

Bank AI

Galaxy

Gary

Coin

<p>The post <a href="https://coinpedia.org/news/warrens-aml-crusade-in-crypto-can-it-beat-the-11-330-bill-passing-odds/" rel="noopener noreferrer nofollow">Warren’s AML Crusade in Crypto: Can It Beat the 11/330 Bill Passing Odds?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Senator Elizabeth Warren’s latest push for the “Digital Asset Anti-Money Laundering Act” has drawn attention and backing from five fellow senators, expanding the bill’s co-sponsorship. This legislation seeks to apply stringent Bank Secrecy Act guidelines, encompassing know-your-customer (KYC) protocols, to various crypto entities, indicating a stride towards comprehensive regulatory oversight within the crypto sphere.</p>
<p>The crypto fell the aftershocks as Bitcoin prices fell 5% in minutes less than 24 hours before Elizabeth Warren introduced the crypto “crackdown” bill, extending their fall towards $41,000, following 8 consecutive weekly gains.&nbsp;</p>
<h2 class="wp-block-heading" id="h-track-record-and-skepticism"><strong>Track Record and Skepticism</strong></h2>
<p>Despite the bill’s potential, doubts loom due to Warren’s historic struggles in enacting legislation. But looking at Warren’s track record, over 11 years, she has introduced 330 bills, but only the National POW/MIA Flag Act was <a href="https://x.com/AmerMilNews/status/1187494435187236866?s=20" rel="noopener noreferrer nofollow">passed</a>.</p>
<p>The majority of legislators sponsor a few pieces of legislation that becomes law. Members of Congress routinely work on committees and propose legislative modifications under the radar. In July, Warren’s Digital Asset Anti-Money Laundering Act was <a href="https://x.com/ewarren/status/1608572433476497408?s=20" rel="noopener noreferrer nofollow">reintroduced </a>to narrow money laundering loopholes by designating crypto apps and corporations as Bank Secrecy Act-regulated financial institutions.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">POW/MIA flag to be required to fly alongside US flag on some buildings if Trump signs the bill on his desk <a href="https://t.co/odKY0HffxF" rel="noopener noreferrer nofollow">https://t.co/odKY0HffxF</a> <a href="https://t.co/vgtlLteOM8" rel="noopener noreferrer nofollow">pic.twitter.com/vgtlLteOM8</a></p>— American Military News (@AmerMilNews) <a href="https://twitter.com/AmerMilNews/status/1187494435187236866?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 24, 2019</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-crypto-industry-s-verdict-a-potential-ban"><strong>Crypto Industry’s Verdict: A Potential Ban?</strong></h2>
<p>However, Warren’s proposal faces severe opposition within the crypto sector. Critics argue that if enforced, the bill could fundamentally challenge the existence of cryptocurrencies in the U.S. by imposing impracticable KYC demands on decentralized entities like wallet providers and miners.</p>
<p>Prominent figures in the crypto world, such as Galaxy Research’s Alex Thorn and Neeraj Agrawal from Coin Center, have raised red flags. Thorn labeled the bill as a potential “effective ban” on Bitcoin and crypto, emphasizing the incompatibility of decentralized software with centralized compliance functions. Agrawal highlighted concerns about the bill hindering innovation and eroding personal privacy, despite its intended goal of curbing illicit financial activities.</p>
<p>Following the same sentiments many Twitter users have shared their views on the issue and claimed historically she failed many times:&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Warren sponsored: <br>36 bills in the 118th congress (2023-24). 0 passed. <br>103 bills in the 117th congress (2021-22). 0 passed.<br>98 bills in the 116th Congress (2019-20). 0 passed.<br>80 bills in the 115th congress(2017-18). 0 passed.<br>27 bills in the 114th congress. (2015-16). 0 passed. <a href="https://t.co/Tyyjw7F7V9" rel="noopener noreferrer nofollow">https://t.co/Tyyjw7F7V9</a></p>— Tom Dunleavy (@dunleavy89) <a href="https://twitter.com/dunleavy89/status/1734283111259652218?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 11, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>While others called her a corrupt and manipulative like Gary Gensler;&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Elizabeth Warren is a corrupt politician looking to leverage her own political agenda seeking to destroy crypto. <a href="https://t.co/yxxxnNWxE9" rel="noopener noreferrer nofollow">pic.twitter.com/yxxxnNWxE9</a></p>— Dan Gambardello (@cryptorecruitr) <a href="https://twitter.com/cryptorecruitr/status/1734302026392052019?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 11, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p><strong>Senator’s Outlook and Future Prospect</strong></p>
<p>The bill’s polarizing impact highlights the challenges it faces within the Senate, where support for crypto legislation remains divided. In the mix of reviews, House Financial Services Committee member Patrick McHenry has hinted at potential compromises between the House and Senate regarding anti-money laundering rules in the crypto space. Although McHenry’s term is about to end, yet there are talks to stabilize the crypto rules as soon as possible.</p>

Warren’s AML Crusade in Crypto: Can It Beat the 11/330 Bill Passing Odds?

Table of Contents

CoinPedia News

Other articles published on Dec 12, 2023

Altcoin Called Dead Suddenly Surges in Price After Announcing Comeback

China and Singapore collaborate on cross-border digital yuan transactions

CME Bitcoin futures down 10%, still ahead of Binance

BitMart Lists Zero-Knowledge DeFi Pioneer Panther Protocol’s $ZKP

Coinbase’s Project Diamond: New blockchain debt instruments

WEMIX 3rd Mass Burn To Deflationary Tokenomics

Join our free newsletter for daily crypto updates!