The US Banking Policy Institute supported Senator Elizabeth Warren to tighten crypto regulation – Bits Media

Institute of Banking Policy (BPI), which unites leading credit and financial institutions of Wall Street, announced the support of the bill to combat money laundering through cryptocurrencies. Bankers said, that they intend to protect the country's financial system.

The existing structure of laws on the fight against money laundering and banking secrets is imperfect and does not take into account the risks, related to the distribution of digital assets, They say in BPI.

The bill was recently re -submitted to Congress by Senator Elizabeth Warren (Elizabeth Warren) and her like -minded people. The idea of ​​the project: introduce strict rules for the fight against illegal financial flows and sponsoring terrorism using crypto industry.

If the bill is accepted in the current version, then from suppliers of wallets of digital assets, miners and other companies, providing cryptocurrency services, It will be necessary to personify all customers. In addition, it will be prohibited by the use of digital assets like Tornado Cash, new rules for checking the crypto industry participants in terms of compliance with the requirements to combat money laundering will appear.

For the first time Senators Elizabeth Warren (Elizabeth Warren) And Roger Marshall (Roger Marshall) introduced
to coordinate the draft law to fight money laundering through cryptocurrencies in December 2022 of the year. However, so far he has not found support among legislators and representatives of the financial industry.