US Senator Elizabeth Warren has seen her crypto-terrorism bill receive US House support today in a display of her growing perspective on Capitol Hill. Indeed, Congressman Sean Casten is set to introduce a House bill that is similar to the one that was introduced by Senator Warren.
The bill is reportedly set to strengthen bank secrecy requirements for digital assets. Moreover, the bill was conceived following reports of Hamas raising millions in capital through cryptocurrencies. Subsequently, access to these funds preceded attacks in Israel this month, driving US legislative action.
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Elizabeth Warren’s Anti-Crypto Money Laundering Bill Finds Mutual Voice
The growing concern regarding the criminal usage of laundered funds has been undeniable in the current financial sector. Moreover, Elizabeth Warren has led the charge in the fight against crypto’s role in this. Specifically, she introduced a bill that would place a concerted effort on stopping the illicit use of digital assets in money laundering by criminal enterprises.
Now, the legislation introduced will be similar to that senate action. Specifically, Elizabeth Warren’s crypto-terrorism bill has found US House support. Sean Casten has presented a new bill to the House Financial Services Committee, according to reports. There, he noted its similarity to the legislation offered by Warren.
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“We will be introducing a bill that Senator Warren has already introduced on the Senate side to do that over here,” Casten stated. Although he did not make clear the bill he was referencing, it draws similarities to Warren’s legislation. Specifically, she sought increased scrutiny on money laundering and evasion of sanctions practices. Moreover, she sought to increase the Bank Secrecy Act requirements for crypto wallets, miners, and others.
The Wall Street Journal originally reported the criminal connection to digital assets by Hamas. Moreover, they noted that the use of crypto by these kinds of organizations is not uncommon. Subsequently, the US government is seeking ways to prevent this from happening in the future.