Sen. Elizabeth Warren has announced a bipartisan bill aimed at closing loopholes that allow money laundering through crypto assets.
The Massachusetts Democrat introduced the legislation Wednesday with Republican Sen. Roger Marshall of Kansas.
The Digital Asset Anti-Money Laundering Act would expand the Bank Secrecy Act (BSA) to companies in the crypto space, including Know-Your-Customer requirements.
It would also address unhosted digital wallets, require the inclusion of digital assets in the reporting of foreign bank accounts, and strengthen BSA enforcement.
“Rogue nations, oligarchs, drug lords, and human traffickers are using digital assets to launder billions in stolen funds, evade sanctions, and finance terrorism,” Warren said.
“Our common-sense bill will make it harder for criminals to finance their criminal activities, like the trafficking of illicit fentanyl through the dark web,” Marshall said.
