- Elizabeth Warren once again criticized the market of digital assets.
- The senator demands that representatives of the cryptosphere follow the same rules as the industry of traditional finance.
- The politician believes that her AML bill could force the industry to fall in line with TradFi.
Senator Elizabeth Warren has criticized members of the digital asset industry for not wanting to follow the rules under which the traditional finance (TradFi) sector operates.
According to the politician, she is ready to cooperate with companies from the cryptosphere, but only in case of changes in their approach to doing business. Warren believes that the digital asset industry now serves as a sort of safe haven for those engaged in illegal activities.
“I want to work with the industry, but I don’t understand why they say the only way to survive is to provide a place for drug dealers and human traffickers and terrorists and scammers with ransomware,” the senator said.
Warren emphasized that in the US, all participants in the financial system follow the same rules. Cryptocurrency companies should also be guided by this legal framework, the politician said.
The representative of the Democratic Party said that her AML-legislation Bill “On Combating Money Laundering in Digital Assets” is designed to remedy the situation. The bill would extend the provisions of the Bank Secrecy Act to a wide range of counterparties, including cryptocurrency companies.
On February 13, 2024, it became known that the organization Blockchain Assosiation sent a letter to the U.S. Congress criticizing the mentioned bill. The message was composed by 80 former specialists from the military and national security. In their opinion, the document under the authorship of Warren is a threat to the United States.
Recall, we wrote that the largest lobbying organization of the U.S. banking industry participated in the development of the AML-legislation of Elizabeth Warren.
