Fun

News Feed - 2023-07-29 03:07:00

Ciaran LyonsJul 29, 2023US banking advocacy group supports Sen. Warren’s reintroduced crypto billAccording to the Bank Policy Institute, including digital assets in the Anti-Money Laundering framework is essential for safeguarding the United States financial system.2620 Total views17 Total sharesListen to article 0:00NewsJoin us on social networksThe United States banking advocacy group, the Bank Policy Institute (BPI), has backed the legislation of vocal crypto critic Senator Elizabeth Warren, calling for digital assets to fall under its own set of Anti-Money Laundering (AML) laws.


According to a July 28 Bloomberg report, Warren reintroduced the Digital Asset Anti-Money Laundering Act along with Senators Joe Manchin, Roger Marshall and Lindsey Graham.


The BPI has indicated its support for the bill, which demands more transparency in digital asset transactions to combat money laundering and terrorism financing.


The BPI highlighted the existing AML framework in the U.S. does not account for digital assets, stating:“The existing anti-money laundering and Bank Secrecy Act framework must account for digital assets, and we look forward to engaging in this process to defend our nation’s financial system against illicit finance in all its forms.”


The seven-page bill, if passed, will require digital-asset wallet providers, miners and others that validate and secure transactions on a blockchain to keep records of their customer’s identities.


The legislation would also prohibit financial institutions from using digital asset mixers, such as Tornado Cash, which are designed to hide blockchain data. 


Related:Elizabeth Warren wants the police at your door in 2024


The Massachusetts Bankers Association, the National Consumer Law Center and the National Consumers League are among other supporters of the bill.


Tyler Winklevoss, co-founder of crypto exchange Gemini, took aim at the news in a July 28 tweet, suggesting that those opposed to Warren’s proposed bill are “doing the right thing.”When you’ve made enemies with the bankers and Elizabeth Warren, you know you’re doing the right thing. https://t.co/w2WflrkJOu— Tyler Winklevoss (@tyler) July 28, 2023


Warren initially introduced the bill to the U.S. Senate in December 2022, arguing that current AML laws do not cover most of the crypto industry.


On Feb. 14, during the Senate Banking Committee hearing titled, Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers, Warren declared that crypto should be held to the same regulations as banking institutions:“Senator Marshall and I introduced a bipartisan bill today that requires crypto to follow the same money-laundering rules as every bank, every broker and Western Union all have to follow today.”


She stated that the crypto community wants decentralized entities running on code to be exempt from AML requirements. 


“In other words, they want a giant loophole for DeFi written into the law so they can launder money whenever a drug lord or a terrorist pays them to do so,” Warren stated during the hearing.


Magazine:Web3 Gamer: Apple to fix gaming? SEC hates Metaverse, Logan Paul trolled on Steam# Banking# Gemini# United States# Winklevoss Twins# RegulationAdd reactionAdd reactionRelated NewsHow to actually spend your Bitcoin, ExplainedExistential threat? Why some banks are anxious about CBDCsGerman political parties split on how to regulate increasing AI adoptionGemini files lawsuit against Digital Currency Group and Barry Silbert over Genesis and Earn programUS Senate approves national defense bill that also targets crypto mixersHester Pierce strikes back against SEC crypto warning to accounting firms

News Feed

Martin Young4 hours agoRep. Tom Emmer reintroduces anti-CBDC bill to CongressThe bill would limit the Fed from issuing a CBDC, which Tom Emmer called a surveillance tool that would “undermine the American way of life.
Savannah Fortis13 hours agoSam Bankman-Fried files memo asking court to block prosecutor evidenceThe FTX founder has filed a memorandum asking the court to deny recent requests filed by the Department of Justice, calling
Every Large Bank Will Actively Consider Crypto in 1-3 Years, Says Former Citi CEO
Every Large Bank Will Actively Consider Crypto in 1-3 Years, Says Former Citi CEO A former CEO of Citigroup said that every major bank and securities firm will consider crypto trad
5 Takeaways on Ethereum 2.0 From Vitalik’s ‘Beast Mode’ Blog Posts
The Takeaway: Moving ETH from the Ethereum 2.0 blockchain to the old ethereum blockchain may be possible in the early months (or years) after launch, new research suggests. Due to changes in data storage structure, recal
Google to Help Digital Asset Platform Bakkt Introduce Crypto to Millions of Consumers
Google to Help Digital Asset Platform Bakkt Introduce Crypto to Millions of Consumers Digital asset platform Bakkt has announced a partnership with Google “to introduce digi
Analyst Says These Factors Will Drive XRP Price To $1,000, But What Does Market Cap Say?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Robert Kiyosaki Discusses Why Gold, Silver, Bitcoin Are Rising Higher
Robert Kiyosaki Discusses Why Gold, Silver, Bitcoin Are Rising Higher The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has shared his view on why the
Jesse Coghlan7 hours agoBinance and CEO Changpeng Zhao intend to seek dismissal of CFTC complaintBinance, Changpeng Zhao and former compliance chief Samuel Lim intend to file two motions to dismiss a March lawsuit from t
Indian Official Provides Updates on Crypto Bill and Transition Period for Crypto Holders: Report
Indian Official Provides Updates on Crypto Bill and Transition Period for Crypto Holders: Report As the Indian government gets closer to moving forward with the
Cryptocurrency Trading Volumes Decreased 40% in June
Cryptocurrency Trading Volumes Decreased 40% in June Cryptocurrency trading volumes decreased significantly in June according to data from Cryptocompare, a price
Georgian Government Embraces Blockchain to Promote Its Wines Globally
Georgian Government Embraces Blockchain to Promote Its Wines Globally As Georgia seeks to bring its millennia-old wine industry into the 21st century, it is coll
Federal Reserve’s Expected Inflation Ramp-Up Drives Institutional Investors to Hedge With Bitcoin
Federal Reserve"s Expected Inflation Ramp-Up Drives Institutional Investors to Hedge With BitcoinThe U.S. Federal Reserve is expected to ramp up inflation by keeping interest rates