As federal prosecutors seek to imprison former crypto darling Sam Bankman-Fried, Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry
The Massachusetts Democrat is teaming up with Republican Sen. Roger Marshall of Kansas to introduce new legislation on Wednesday that would seek to close loopholes in the financial system that pose national security risks by allowing digital assets to be used for money laundering, Warren's office told CNN. The effort aims to level the playing field by forcing crypto firms to play by the same rules that apply to banks and traditional firms.
"Applying these similar policies to cryptocurrency exchanges will prevent digital assets from being abused to finance illegal activities without limiting law-abiding American citizens' access."The legislation comes as Warren and other lawmakers are scheduled to hold a hearing on Wednesday about the crypto crash and the harm to consumers.
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