Elizabeth Warren's anti-crypto bill sees surging support from 9 more Senators

Senator Elizabeth Warren’s bipartisan cryptocurrency anti-money laundering bill has gained backing from an additional nine senators, including influential committee chairs, according to a Sept. 14 Politico report.

According to the report, the bill garnered support from key figures, including Homeland Security Chair Gary Peters (D-Mich.) and Judiciary Chair Dick Durbin (D-Ill.), along with Senators Tina Smith (D-Minn.), Angus King (I-Maine), Michael Bennet (D-Colo.), Bob Casey (D-Pa.), Catherine Cortez Masto (D-Nev.), Jeanne Shaheen (D-N.H.), and Richard Blumenthal (D-Conn.).

This brings the number of senators on the bill to 12, with Senator Roger Marshall (R-Kansas) as lead co-sponsor. Sen. Joe Manchin (D-W.Va.) and Sen. Lindsey Graham (R-S.C.) are the other lawmakers on the bills.

The bill

The Digital Asset Anti-Money Laundering Act seeks to enhance regulatory oversight within the emerging industry. It achieves this by addressing existing loopholes and aligning the digital asset ecosystem more closely with established anti-money laundering and countering the financing of terrorism (AML/CFT) frameworks that govern the broader financial system.

In a one-page document, lawmakers highlighted the significant rise in illicit digital asset usage, reaching $20 billion, with 44% of these transactions linked to sanctioned entities in the past year.

As a response, Sen. Warren and other lawmakers are pushing to expand the scope of the Bank Secrecy Act and implement know-your-customer (KYC) requirements for digital asset wallet providers, miners, and other participants within cryptocurrency networks.

Sen. Manchin emphasized that this legislation aims to mitigate security risks associated with cryptocurrency platforms, compelling them to adhere to the same AML regulations as traditional banks.

Furthermore, notable support for this bill has emerged, including an endorsement from the AARP, conveyed through a letter to the lawmakers in July.

Warren’s anti-crypto history

Meanwhile, Sen. Warren has an extensive history of anti-crypto policies. The Massachusetts lawmaker previously described crypto as a “method of choice” utilized by sanctioned countries like Iraq, Russia, and others.

Besides that, the lawmaker once touted her plan to “build an anti-crypto army” in the U.S. during her re-election campaign in March.