Senator Warren Hits Out at Crypto Again, Says Industry Needs to Follow the Same Rules as TradFi

Warren reiterated her disdain for the industry in an interview.

AccessTimeIconFeb 28, 2024 at 7:12 a.m. UTC
Updated Mar 8, 2024 at 10:16 p.m. UTC
  • Warren said that crypto would need to fall in line with the rest of the U.S. financial sector.
  • The senator’s anti-money-laundering bill, which would bring the Bank Secrecy Act to crypto, is awaiting approval.

U.S. Sen. Elizabeth Warren (D–Mass.) has called out the crypto industry yet again, saying they are reluctant to follow the rules.

"I wanna collaborate with the industry, what I don't understand is why the industry seems to be saying that they only way that they can survive is if there's plenty of space for the drug traffickers and the human traffickers, oh and the terrorist, and the ransomware scammer, and the consumer scammers," said Warren in an interview with Bloomberg Television.

Warren said that in the U.S. financial system, everybody follows the same rules and crypto needs to fall in line with those rules.

The Democrat referred to her “Digital Asset Anti-Money Laundering Act” bill, which would bring anti-money-laundering requirements to various crypto players, including miners, validators, wallet providers and others.

The staunchly anti-crypto senator introduced the bill last year and initially garnered some support. However, the bill has hit a few roadblocks as the Senate Banking Committee has been busy with other matters.

Edited by Omkar Godbole.


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