Senators Elizabeth Warren (Massachusetts), Joe Manchin (West Virginia), Roger Marshall (Kansas), and Lindsey Graham (South Carolina) have teamed up to introduce a bill to strengthen money laundering and Bank Secrecy regulations on cryptocurrencies.
The legislation has been backed by The Bank Policy Institute (BPI) – a trade group comprised of major banking giants such as Bank of America, Citibank, and Capital One – which believes that the current anti-money laundering and Bank Secrecy Act framework must be updated to include digital assets.
The bill would further direct the Financial Crimes Enforcement Network (FinCEN) to implement new requirements regarding cryptocurrency ATMs.
Warren, who has been a persistent advocate for stricter banking regulations since the 2008 financial crisis, wrote in a 2022 op-ed that the lack of action on crypto regulation could “take down the economy.”
