Senator Elizabeth Warren’s crypto Anti-Money Laundering bill has been causing a massive stir in the crypto industry. But some have pointed out that the senator’s bills have a track record of not going anywhere.
According to data from the bill-tracking platform GovTrack, Warren has introduced 330 bills during her 11 years as a senator. Ten of them were eventually folded into other bills and only one rather obscure bill has ever been enacted as is.
This was the National POW/MIA Flag Act, which requires the prisoner of war/missing in action flag to be displayed alongside the United States flag on certain Federal property.
— American Military News (@AmerMilNews) October 24, 2019
“Very few bills are ever enacted — most legislators sponsor only a handful that are signed into law,” GovTrack explained. Most of the time, Congresspeople take actions such as putting up legislative amendments and working on committees, which go largely unnoticed by the public.
Reintroduced in July, Warren’s Digital Asset Anti-Money Laundering Act aims to close gaps in the country’s money laundering rules by classifying a range of crypto applications — including noncustodial wallets — and firms as financial institutions regulated under the Bank Secrecy Act.
The same rules should apply to the same kinds of financial transactions with the same kinds of risks. So my new, bipartisan Digital Asset Anti-Money Laundering Act will make the crypto industry follow the same anti-money-laundering standards as banks, brokers, & Western Union.
— Elizabeth Warren (@ewarren) December 29, 2022
Bill would ‘effectively ban’ Bitcoin — Galaxy Research head
Still, those opposed to the bill warn it will choke out crypto in the U.S.
Galaxy Research’s head of firmwide research, Alex Thorn, claimed in a Dec. 11 X (Twitter) post that the bill would be “an effective ban” on Bitcoin (BTC) and crypto.
Thorn pointed to clauses in the act that extends Know Your Customer (KYC) requirements to crypto wallet providers, miners and validators, saying such decentralized software “cannot plausibly perform centralized compliance functions.”
requiring non-custodial open-source…