Sen Warren Receive Support From Banking Institute on Crypto Bill

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Crypto critic Senator Elizabeth Warren has received support for the recently introduced bipartisan regulation, from the Washington-based banking advocacy group, the Bank Policy Institute (BPI).

The Senator reintroduced the “Digital Asset Market Structure and Investor Protection Act” as part of her strategy to push for stricter regulation of the digital asset ecosystem, especially as it concerns Decentralized Finance (DeFi).

New Bipartisan Bill Address Crypto Crimes

Senator Warren has been mulling the idea of reintroducing the Anti-Money Laundering Act to guard digital assets. The bill was first introduced in December 2022 and co-sponsored by Senator Roger Marshall. 

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The legislation looks to address crypto-related crimes through tough policies. Markedly, the support from BPI comes off as a surprise because Warren and Wall Street banks have hardly been on the same page.

Moreso, Senator Warren has always been known to be at par with the trade group. The turn of event may demand more stringent anti-money laundering rules and counter-terrorism financing measures for the digital asset sector.

SEC To Regulate Crypto Businesses 

Crypto businesses would be required to register with the United States Securities and Exchange Commission (SEC) as well as conduct Know-Your-Customer (KYC) procedures. 

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The BPI threw its weight behind the legislation because it is confident that the robust regulatory framework for cryptocurrencies will protect customers and investors against fraudulent attacks. BPI already believes that the current AML rule is not sufficient to cater for the digital asset industry.

“BPI supports bipartisan efforts to help crack down on money laundering and believes this measure is an important step in that direction. The existing anti-money laundering and Bank Secrecy Act framework must accounts for digital assets, and we look forward to engaging in this process to defend our nation’s financial system and illicit finance in all its forms.”

Senator Warren’s Bill Receive Support

At the same time, the trade group is positive that it would facilitate innovation in the financial sector. 

So far, the bill has received support from a number of top organizations including The Massachusetts Bankers Association, AARP, the National Consumer Law Center, and the National Consumers League. The calibre and the diversity of the support garnered suggest that the bill may finally safeguard and protect crypto users while also bolstering the financial landscape.

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