Senator Warrens Digital Assets AntiMoney Laundering Act Gains Five CoSponsors Industry Insiders Mock Her Bills Never Pass

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“Digital Asset Anti-Money Laundering Act” Adds Five Co-Sponsors
MV Capital Partner: No Need to Worry
According to The Block, U.S. Senator Elizabeth Warren, who has always been critical of the cryptocurrency industry, announced yesterday that five new senators have joined as co-sponsors to promote the “Digital Asset Anti-Money Laundering Act.”
The bill aims to require cryptocurrency service providers (such as wallet providers, miners, and validators) to comply with the same regulations as banks, requiring not only KYC for users but also requiring miners or validation nodes to obtain a money transmission license. Elizabeth Warren stated in her announcement:
“Anti-money laundering and combating terrorist financing involving cryptocurrencies have always been a focus for legislators and the Biden administration. Elizabeth Warren has been pushing her digital asset regulation bills in congressional hearings over the past few months.” Last week, Elizabeth Warren even echoed Jamie Dimon, CEO of JPMorgan Chase, criticizing the wide use of cryptocurrencies in drug trafficking, money laundering, tax evasion, and other illegal activities. Jamie Dimon even stated that if he were in the government, he would completely ban cryptocurrencies.
Interestingly, while investors and industry professionals were feeling anxious about this, MV Capital Partner Tom Dunleavy posted on social media, stating that Elizabeth Warren has introduced multiple bills in different congressional terms:
– Introduced 36 bills in the 118th congressional term (2023-24)
– Introduced 103 bills in the 117th congressional term (2021-22)
– Introduced 98 bills in the 116th congressional term (2019-20)
– Introduced 80 bills in the 115th congressional term (2017-18)
– Introduced 27 bills in the 114th congressional term (2015-16)
However, none of these bills were passed.