{"id":196863,"date":"2023-12-12T07:40:54","date_gmt":"2023-12-12T07:40:54","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=196863"},"modified":"2023-12-12T07:40:54","modified_gmt":"2023-12-12T07:40:54","slug":"warrens-aml-crusade-in-crypto-can-it-beat-the-11-330-bill-passing-odds-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/warrens-aml-crusade-in-crypto-can-it-beat-the-11-330-bill-passing-odds-coinpedia-fintech-news\/","title":{"rendered":"Warren's AML Crusade in Crypto: Can It Beat the 11\/330 Bill Passing Odds? – Coinpedia Fintech News"},"content":{"rendered":"

Senator Elizabeth Warren\u2019s latest push for the \u201cDigital Asset Anti-Money Laundering Act\u201d 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>\n

The crypto fell the aftershocks as Bitcoin prices fell 5% in minutes less than 24 hours before Elizabeth Warren introduced the crypto \u201ccrackdown\u201d bill, extending their fall towards $41,000, following 8 consecutive weekly gains.\u00a0<\/p>\n

Track Record and Skepticism<\/strong><\/h2>\n

Despite the bill\u2019s potential, doubts loom due to Warren\u2019s historic struggles in enacting legislation. But looking at Warren\u2019s track record, over 11 years, she has introduced 330 bills, but only the National POW\/MIA Flag Act was passed.<\/p>\n

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\u2019s Digital Asset Anti-Money Laundering Act was reintroduced to narrow money laundering loopholes by designating crypto apps and corporations as Bank Secrecy Act-regulated financial institutions.\u00a0<\/p>\n

Crypto Industry\u2019s Verdict: A Potential Ban?<\/strong><\/h2>\n

However, Warren\u2019s 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>\n

Prominent figures in the crypto world, such as Galaxy Research\u2019s Alex Thorn and Neeraj Agrawal from Coin Center, have raised red flags. Thorn labeled the bill as a potential \u201ceffective ban\u201d 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>\n

Following the same sentiments many Twitter users have shared their views on the issue and claimed historically she failed many times: <\/p>\n

While others called her a corrupt and manipulative like Gary Gensler; <\/p>\n

Senator\u2019s Outlook and Future Prospect<\/strong><\/p>\n

The bill\u2019s 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\u2019s term is about to end, yet there are talks to stabilize the crypto rules as soon as possible.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Senator Elizabeth Warren\u2019s latest push for the \u201cDigital Asset Anti-Money Laundering Act\u201d has drawn attention…<\/p>\n","protected":false},"author":4,"featured_media":196862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nWarren's AML Crusade in Crypto: Can It Beat the 11\/330 Bill Passing Odds? - Coinpedia Fintech News - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/warrens-aml-crusade-in-crypto-can-it-beat-the-11-330-bill-passing-odds-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Warren's AML Crusade in Crypto: Can It Beat the 11\/330 Bill Passing Odds? - Coinpedia Fintech News - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"Senator Elizabeth Warren\u2019s latest push for the \u201cDigital Asset Anti-Money Laundering Act\u201d has drawn attention...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tokenstalk.info\/crypto\/warrens-aml-crusade-in-crypto-can-it-beat-the-11-330-bill-passing-odds-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokens Talk\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-12T07:40:54+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/12\/Warrens-AML-Crusade-in-Crypto-Can-It-Beat-the-11330-Bill-Passing-Odds-Coinpedia-Fintech-News.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/warrens-aml-crusade-in-crypto-can-it-beat-the-11-330-bill-passing-odds-coinpedia-fintech-news\/\",\"url\":\"https:\/\/tokenstalk.info\/crypto\/warrens-aml-crusade-in-crypto-can-it-beat-the-11-330-bill-passing-odds-coinpedia-fintech-news\/\",\"name\":\"Warren's AML Crusade in Crypto: Can It Beat the 11\/330 Bill Passing Odds? 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