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<div class="cryptonews"> 
 <p class="is-style-lead">Senator Elizabeth Warren’s push for stricter regulations in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency ecosystem, particularly in the decentralized finance (defi) space, has gained <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> from bipartisan lawmakers.&nbsp;</p> 
 <p>The “Digital Asset Market Structure and Investor Protection Act” was recently reintroduced to address <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency-related crimes through more stringent policies.&nbsp;</p> 
 <p>The Bank Policy Institute (BPI), a trade group representing lenders, also <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a>s the proposed bill.</p> 
 <h2 class="wp-block-heading" id="regulating-crypto-like-traditional-banks">Regulating crypto like traditional banks&nbsp;</h2> 
 <p>On July 28, Senator Elizabeth Warren, a Bitcoin (BTC) critic, joined forces with fellow <a rel="noopener noreferrer nofollow" title="senator" href="https://thebittimes.com/tag/senator.html">senator</a>s to&nbsp;reintroduce&nbsp;the bipartisan legislation.&nbsp;</p> 
 <p>The bill mandates businesses to register with the United States Securities and Exchange Commission (SEC) and adhere to anti-money laundering (AML) and know-your-customer (KYC) rules.</p> 
 <p>Initially introduced in July 2021 by Representative Don Beyer (D-VA), the bill aims to establish a new regulatory framework for stablecoins, digital assets pegged to fiat currencies like the US dollar.</p> 
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 <p>If passed, the bill would grant the SEC authority to regulate stablecoins and take enforcement actions against violators.</p> 
 <p>Despite Senator Warren’s previous criticism of the Bank Policy Institute (BPI), the organization has officially endorsed this bipartisan bill.&nbsp;</p> 
 <p>The BPI believes the bill’s comprehensive regulatory framework for digital assets will protect consumers and investors while fostering innovation in the financial services sector.</p> 
 <p>The bill has garnered support from various organizations, including The Massachusetts Bankers Association, AARP, the National Consumer Law Center, and the National Consumers League.&nbsp;</p> 
 <p>Their diverse support highlights the bill’s potential to safeguard individuals and promote a thriving and secure financial landscape.</p> 
 <h2 class="wp-block-heading" id="bolstering-web3-industry-oversight">Bolstering web3 industry oversight&nbsp;</h2> 
 <p>Senator Jack Reed (D-RI) proposed the “Crypto-Asset National Security Enhancement Act of 2023,” which&nbsp;aims&nbsp;to implement robust anti-money laundering regulations on defi protocols.&nbsp;</p> 
 <p>Under this bill, various participants in the web3 ecosystem, including digital-asset wallet providers, miners, and entities involved in validating and securing blockchain transactions, would be required to maintain records of their customers’ identities, promoting transparency and accountability.</p> 
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 <p>While the proposal has faced&nbsp;criticism&nbsp;from web3 enthusiasts and advocacy groups, like the Blockchain Association, who argue it could hinder innovation and accessibility to digital assets, Senator Warren’s focus has shifted towards digital-asset firms.&nbsp;</p> 
 <p>This emerging area has become a topic of concern for both her and traditional banks, who also call for more robust oversight and regulations to ensure the stability and integrity of the financial system.</p> 
 <p>Amid ongoing discussions around cryptocurrency and defi protocols, the country’s House Committee on Agriculture has&nbsp;approved&nbsp;the bipartisan “Financial Innovation and Technology for the 21st Century Act.”&nbsp;</p> 
 <p>The bill seeks to establish favorable rules that protect crypto investors while fostering innovation.</p> 
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Wall Street supports senator’s push for strict crypto regulation

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