Wall Street Bank passed Senator Elizabeth Warren’s crypto law, which it described as “hard”.
Cryptocurrency laws are still a topic of discussion around the world. However, some countries do not want to be left behind in taking a step on the issue.
Elizabeth Warren’s crypto law passed by Wall Street Bank
Senator Elizabeth Warren has introduced a new bill aimed at regulating the crypto industry and preventing illegal activity, and this bill has been supported by the Bank Policy Institute (BPI), a Washington-based banking advocacy group. This support was considered unexpected given that there is often disagreement between Warren and Wall Street banks.
The Bank Policy Institute supported the bill, which calls for tighter anti-money laundering rules and counter-terrorism financing measures, particularly for the crypto sector. The main reason for this decision by BPI is that current US money laundering legislation does not cover digital assets.
Banking leaders, while supporting this bill, stated that they support efforts to prevent money laundering and that this measure is an important step. They stated that the current anti-money laundering and Bank Secrecy Law framework should also take digital assets into account and look forward to being involved in protecting the country’s financial system and illicit financing.
