US Senator Elizabeth Warren, a fierce critic of the cryptocurrency industry, has introduced a bill aimed at bringing digital assets under greater regulatory scrutiny and compliance.
The bill, titled “Digital Asset Anti-Money Laundering Act of 2023,” calls for the U.S. Financial Crimes Enforcement Network (FinCEN) to provide guidance on how to detect and report suspicious transactions involving digital assets such as Bitcoin and other anonymous cryptocurrencies.
The bill defines anonymity-enhanced cryptocurrencies as digital assets that contain any features that conceal the identity, location or transaction history of users or individuals. The bill also authorizes FinCEN to impose civil penalties and sanctions against any person or entity that violates the guidance or fails to comply with reporting requirements.
Warren has expressed her hostility towards Bitcoin and the general cryptocurrency market many times before. The senator recently listened to JPMorgan CEO Jamie Dimon at a hearing on cryptocurrencies in the Senate.
*This is not investment advice.
