WASHINGTON—Despite interest from Senate Democrats such as Elizabeth Warren (D-MA) to deal with the illicit movement of funds in crypto, there's no immediate action planned in the committee that would help to get it rolling, according to two sources familiar with the plans, Trading View reported.
“Some Democrats on the Senate Banking Committee have been pushing legislation to address what they see as dangerous vulnerabilities for the abuse of crypto by criminals and terrorists, but the (Senate Banking Committee) panel is busy with other priorities at the moment and isn't yet turning to crypto legislation,” TradingView said, citing its sources.
‘Cracking Down a Priority’
“When asked about the intentions of panel Chairman Sherrod Brown (D-OH), a spokesperson said that he ‘has made clear that cracking down on illicit finance is a priority for this Congress’ and that he's ‘continuing to work with the members’ on what they're putting forward on crypto money-laundering controls and related matters,” the report added.
The next step is a markup, but that is not currently on the panel's agenda, TradingView stated.
Consensus Building
“However, a consensus has been building – illustrated by the members' bills – that this particular segment of crypto oversight is most urgent for the committee, unlike the House's priorities that have first focused on the structure of the digital assets markets and the regulation of stablecoins,” TradingView said.
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