Massachusetts Senator Elizabeth Warren, known for her critical stance on digital assets within the U.S. government, revealed that five additional senators have agreed to co-sponsor one of her bills aimed at tackling money laundering.
In a statement on December 11, Senator Warren announced that Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján have thrown their support behind the Digital Asset Anti-Money Laundering Act she reintroduced in July. The legislation targets the illicit utilization of crypto-assets for purposes such as money laundering and financing terrorism.
Expressing her satisfaction with the new support, Warren highlighted the inclusion of three Banking Committee members among the backers. She emphasized that their bipartisan bill stands as one of the most robust proposals to combat the unlawful utilization of cryptocurrencies and offers regulators enhanced tools to address these concerns.
The bill has garnered bipartisan backing from multiple senators and various organizations, including the Bank Policy Institute, Massachusetts Bankers Association, U.S. Transparency International, Global Financial Integrity, National District Attorneys Association, Major County Sheriffs, National Consumer Law Center, and National Federation of Consumer Associations. Senator Warren reiterated assertions she previously made during a Senate Banking Committee hearing on December 6 and subsequent interviews, citing claims that roughly half of North Korea's missile program is funded through digital assets.
While critics of the bill suggest that lawmakers should focus on the exploitation of technology by malicious actors rather than targeting digital assets and their underlying infrastructure, cybersecurity expert Steve Weisman lent his support to the legislation at a Senate hearing in November. Weisman affirmed that the bill would naturally address concerns related to money laundering practices.
