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United States banking advocacy group, Bank Policy Institute, has backed Senator Elizabeth Warrens\u2019 legislation aimed at tackling financial crime, which she first introduced several months ago.<\/p>\n
According to a July 28 Bloomberg report,\u00a0Warren reintroduced the bill \u2013 titled ‘Digital Asset Anti-Money Laundering Act of 2023’ \u2013\u00a0<\/em>on July 28, along with West Virginian Democrat Joe Manchin, Kansas’ Republican Roger Marshall and South Carolina Republican Lindsey Graham.\u00a0Warren initially introduced the bill to the U.S. Senate in December 2022.<\/p>\n The Bank Policy Institute has shown its support for the bill, which demands more transparency in digital asset transactions to combat money-laundering and terrorism financing.\u00a0<\/p>\n The bill, if passed, will require digital-asset wallet providers, miners and others that validate and secure transactions on a blockchain to keep records of their customers identities.\u00a0The purpose is to combat money laundering and terrorism financing.<\/p>\n The Bank Policy Institute highlighted the existing gap in the current anti-money laundering framework in the United States, which fails to address digital assets. It was noted in a statement:<\/p>\n \u201cThe existing anti-money laundering and Bank Secrecy Act framework must account for digital assets, and we look forward to engaging in this process to defend our nation\u2019s financial system against illicit finance in all its forms.\u201d<\/p><\/blockquote>\n Related: <\/em><\/strong>Elizabeth Warren wants the police at your door in 2024<\/em><\/strong><\/p>\n The Massachusetts Bankers Association, AARP, the National Consumer Law Center and the National Consumers League are among the supporters of the bill.<\/p>\n Tyler Winklevoss, co-founder of crypto exchange Gemini, took aim at the news in a July 28 tweet, suggesting that those opposed to the bank advocacy group and Warren\u2019s support, are \u201cdoing the right thing.\u201d<\/p>\n When you\u2019ve made enemies with the bankers and Elizabeth Warren, you know you\u2019re doing the right thing. https:\/\/t.co\/w2WflrkJOu<\/p>\n\n