The bill seeks to strengthen enforcement of BSA compliance.
Well-known crypto critic, Senator Elizabeth Warren, won support from Washington-based banking advocacy group, the Bank Policy Institute , for newly introduced bipartisan legislation that seeks to regulate the crypto industry and eliminate loopholes for illicit activity.
The whole premise of BPI’s decision is that the existing AML structure in the US does not cover digital assets.“BPI supports bipartisan efforts to help crack down on money laundering and believes this measure is an important step in that direction. The existing anti-money laundering and Bank Secrecy Act framework must accounts for digital assets, and we look forward to engaging in this process to defend our nation’s financial system and illicit finance in all its forms.
Apart from BPI, the bill has also been endorsed by the Massachusetts Bankers Association, Transparency International US, Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, Massachusetts Sheriff’s Association, AARP, National Consumer Law Center , National Consumers League.The bill seeks to extend Bank Secrecy Act responsibilities, including KYC requirements, to crypto wallet providers, miners, validators, and other network participants.
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