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Senator Elizabeth Warren of the United States asked Congress to regulate, Many regulatory tools are already available to address this situation.urities and Foreign Exchange Committee (sec), have the tools to effectively regulate the crypto industry and deter money laundering. "the current legal structure basically holds a giant sign on cryptography that says, money laundering done here," emphasized the legislator.
Senator Urges Congress to Crack Down on Crypto Money Laundering
U.S. Senator Elizabeth Warren (D-MA) said in an interview with Politico’s Morning Money Wednesday that cracking down on money laundering activities is her “main focus” in terms of crypto-related legislation.
Senator Urges Congress to Crack Down on Crypto Money LaunderingU.S. Senator Elizabeth Warren (D-MA) said in an interview with Politico’s Morning Money Wednesday that cracking down on money laundering activities is her “main focus” in terms of crypto-related legislation. Originally introduced in December last year, this bill is “the most direct attack” on the personal freedom and privacy of crypto users, according to experts in the field.
Warren explained that money laundering is "far from being as publicly visible" as fraud. "it occurs in the darkest shadows of the cryptography world. "It is happening in the darkest darkness of the crypto world. It has a tremendous impact on national security and law enforcement.
This is not about inventing any new form of anti-money laundering rules. ...the current legal structure consists essentially of a giant crypto sign, money laundering is taking place here," explained the senator, It is not a question of inventing a new form of rules for the fight against money laundering.
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has also said that crypto should be treated the same as other capital markets.
Senator Warren Wants Congress to Empower Regulators to Be Effective ‘Cop on the Beat’
“There are two very different kinds of crypto problems,” Warren continued, noting that “one is consumer fraud.” Gary Gensler, president of the United States Securities and Exchange Commission (SEC), also said cryptography should be treated in the same way as other financial markets. Senator Warren wants Congress to give regulators the ability to be effective "Cop on the Beat". "There are two very different kinds of crypto problems," continued Warren, Noting that "the first is consumer fraud." The honourable senator emphasized the following: This is what we saw when the FTX and other stock markets fell apart.
This is part of the pump, landfill and carpet, and all the other ways that customers are being ripped off." That's part of the pump, the landfill and the carpet, and all the other ways that clients are being ripped off," stressing that Congress and regulators must act, She explained that there are already a number of regulatory tools in place to address this issue.
We need regulators to use these tools, and the Congress needs to make sure these regulators have the resources they need to operate effectively as police officers. Senator Warren has been pushing for the SEC to impose tougher rules on the crypto sector and use its full authority to regulate crypto trading.
Senator Warren insisted that the sec impose more stringent rules on the crypto industry and use its full power to regulate crypto commerce. She has warned about “a run on crypto” that may need a federal bailout and has repeatedly raised concerns about the environmental impact of bitcoin mining. She wants Congress and the Treasury to urgently adopt a policy to mitigate crypto risks. Following the collapse of crypto exchange FTX, she also urged Fidelity Investments to stop offering bitcoin as an option in 401(k) retirement accounts.
As a result of the crypto ftx swap collapse, it also encouraged loyalty investments to stop offering Bitcoin as an option in 401(k) retirement accounts. What is your opinion of Senator Elizabeth Warren's remarks?
