U.S. Senator Elizabeth Warren introduced legislation to crack down on the misuse of cryptocurrencies in activities including money laundering, sanctions evading, funding illegal weapons programs and cyberattacks.

“Our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox,” said Warren

The bill, introduced on Dec. 11, received support from a coalition within the Banking Committee and five new senators joined the fight to take action, including three members of the Banking Committee, Warren added. 

The bill is a milestone towards increased oversight and regulation within the cryptocurrency realm.

Democrat Warren aims to utilize the bill to mandate stricter reporting requirements by extending the Bank Secrecy Act (BSA) responsibilities. Such requirements will include Know-Your-Customer (KYC), filing reports regarding “transactions involving unhosted wallets, ” and more.

By putting all of these measures in place, Warren hopes to close “loopholes and bring the digital asset ecosystem into greater compliance.”

JUST IN: 🇺🇸 US Senator Elizabeth Warren claims North Korea is using #Bitcoin and crypto to fund “half” of its nuclear weapons program.

pic.twitter.com/ZNSA3JKpHh

— Bitcoin Magazine (@BitcoinMagazine) December 7, 2023

“Crypto has become the payment method of choice for terrorist organizations, drug cartels, and authoritarian regimes in order to fund their illicit activities,” said Senator Chris Van Hollen. “Crypto should be governed by the same transparency rules as traditional banks to protect Americans and help ensure it isn’t used to facilitate illegal behavior by criminal enterprises and rogue nations.”

Warren’s bill is currently endorsed by the Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, Massachusetts Sheriffs’ Association, AARP, National Consumer Law Center, and National Consumers League.

Warren and Gensler’s Crypto Actions Could Lead To Less Votes for Democrats

Roe cost Republicans the mid-terms. The @SenWarren and @GaryGensler war on crypto will cost Dems the 2024 election.

— Tyler Winklevoss (@tyler) June 11, 2023

Tyler Winklevoss, a prominent billionaire in the cryptocurrency industry, expressed his concerns on X earlier this year regarding the potential consequences of actions taken against cryptocurrencies by Sen. Warren and Securities and Exchange Commission chair Gary Gensler.

He highlighted that these actions could lead to a loss of votes in the next election cycle.

Crypto has already won the hearts and minds of Millennials and GenZ.
They don’t debate the merits of crypto.
They debate where and what to build next.
And millions have put their life-savings into crypto.
They won’t forget the value destruction Warren and Gensler have caused. pic.twitter.com/iaZxKloVxx

— Cameron Winklevoss (@cameron) June 10, 2023

His brother Cameron Winkelvoss backed this theory, and stated that Millennials and GenZ have already embraced cryptocurrencies. He added that the value destruction that Warren and Gensler have caused would be memorable for these young individuals. In support of his argument, Winkelvoss shared a CNN headline from 2022, which indicated that the youth vote saved the democratic party from defeat.

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• Source: https://insidebitcoins.com/news/elizabeth-warren-introduces-bill-to-crack-down-on-cryptos-illicit-use