Warren's crypto money-laundering bill gathers bipartisan support

<p>As Senator Elizabeth Warren rallies support for her Digital Asset
Anti-Money Laundering Act, the crypto world braces for potential crackdowns
amidst growing political intrigue.</p><p>The Power of the Pen</p><p>In the unpredictable world of cryptocurrency, where people seem to be
jailed on a daily basis and there’s always a scandal on the horizon,
regulations seem to be few and far between. However, US Senator Elizabeth
Warren has wielded her legislative pen and her latest creation, the Digital
Asset Anti-<a href="https://www.financemagnates.com/terms/m/money-laundering/">Money Laundering</a> Act, is gathering a formidable alliance of
supporters, raising eyebrows and concerns among the crypto elite.</p><p>While the Massachusetts maven assembles her sponsors, including
heavyweights like Senators Dick Durbin and Gary Peters, it's worth noting that
the road to passing this legislation is anything but straightforward. With a
divided Congress and a contentious election year on the horizon, even Warren's
most ardent supporters admit the path ahead remains uncertain.</p><p>Crypto Titans vs. Capitol Hill</p><p>The crypto community isn't taking this challenge lightly. Lobbyists
from the <a href="https://www.financemagnates.com/search-results/?searchPhrase=Chamber%20of%20Digital%20Commerce" target="_blank" rel="follow">Chamber of Digital Commerce</a> are rallying their forces, decrying the
legislation and claiming that it would “eradicate digital asset innovation from
the United States at the expense of market security”. All very dramatic.</p><p>Warren's bill, introduced in July, is a sweeping piece of legislation
that seeks to extend anti-money-laundering requirements from the Bank Secrecy
Act – something that <a href="https://www.financemagnates.com/cryptocurrency/news/bitmex-co-founder-pleads-guilty-to-us-bank-secrecy-act-violations/" target="_blank" rel="follow" data-article-link="true">the founders of BitMEX are well educated about</a> – in to an array of crypto players, including digital asset wallet providers,
crypto miners, validators, and network participants. It boasts a colorful cast
of original co-sponsors, including Senator Joe Manchin and two Republican
outliers, Senators Roger Marshall and Lindsey Graham. Warren has a history of <a href="https://www.financemagnates.com/cryptocurrency/news/us-senator-warren-calls-crypto-market-as-highly-opaque-and-volatile/" target="_blank" rel="follow" data-article-link="true">questioning crypto and digital assets</a>.</p><p>In an unforeseen twist, Warren's crusade has even gained support from a
group that typically finds itself on the receiving end of her pointed
criticisms: Wall Street bankers. Lobbyists from the <a href="https://bpi.com/" target="_blank" rel="nofollow">Bank Policy Institute</a> have
thrown their weight behind the bill, setting the stage for an altogether digital
political drama. </p>

This article was written by Louis Parks at www.financemagnates.com.