The legislation, reintroduced in July, already has the support of several U.S. lawmakers, but critics have suggested it could threaten financial freedom and privacy.
Massachusetts Senator Elizabeth Warren, an outspoken critic of digital assets in the United States government, has announced that five more senators have agreed to cosponsor one of her bills aimed at cracking down on money laundering.
In a Dec. 11 announcement, Senator Warren said Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper and Ben Ray Luján had backed her Digital Asset Anti-Money Laundering Act, reintroduced in July. According to Warren, the legislation specifically targeted illicit uses of crypto assets for money laundering and financing terrorism.
“I’m glad that five new senators are joining the fight to take action, including three members of the Banking Committee,” said Warren. “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.”