A group of five senators, including Elizabeth Warren, showed their support for a new bill that aims to implement KYC protocols for a variety of network participants, such as crypto wallets, miners, and validators.
The coalition for the Digital Assets Anti-Money Laundering Act, which was introduced in July, now includes Raphael Warnock, LaFonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Lujan.
This includes three members of the banking committee. In September, nine additional lawmakers endorsed the bill, including the chairs of the Homeland Security and Governmental Affairs Committee and the Justice Committee.
The bill has received positive feedback from various organizations, such as the Bank Policy Institute, Massachusetts Bankers Association, Transparency International USA, Global Financial Integrity, National District Attorneys Association, America’s largest county sheriffs, National Consumer Law Center, and National Consumer League.
According to Warren, the purpose of this legislation is to prevent the illegal use of cryptocurrencies for activities such as money laundering, drug trafficking, sanctions evasion, and terrorist financing.
