In a sign of unexpected partnership, traditional Wall Street banks have voiced their agreement with a frequent critic, Senator Elizabeth Warren, in her appeal to regulate the cryptocurrency sector more thoroughly.
The Bank Policy Institute, an organization for banks at the generally receiving end of Warren’s critique, openly affirmed a bipartisan bill she launched this week with three other Senate members. This potential law would bring stronger anti-money laundering controls and counter-terror prevention methods in relation to cryptocurrencies specifically. BPI replied, “The pre-existing anti-money laundering and Bank Secrecy Act rules should include digital assets. As a nation, we must preserve our financial system against illicit finance in any form.”
The July 28th announcement had endorsements from Warren as well as Democrat Joe Manchin of West Virginia, Republicans Roger Marshall of Kansas and Lindsey Graham of South Carolina. This law will work towards stricter ID standards for digital-asset wallets and transaction validators. Furthermore, legislative committees, specifically the Department of Treasury, SEC, and CFTC, will also ensure compliance with the money laundering and counter terrorism-spending authority.
Truth be told, expectations of Regina Warren having it out with traditional financial players is nothing unusual. Lately, the presidential contender has changed direction, focusing on digital asset firms, including those demanding strict conditions on crypto space operations.
Help for this ground bunch extends far beyond Wall Street and major Capitol Hill authorities, and involves Fortune 500 groups like AARP, the Massachusetts Bankers Association, the National Consumer Law Center and even the National Consumers League.