WASHINGTON—Sen. Elizabeth Warren (D-MA) said she is willing to work with the crypto industry, but believes it must follow the same anti-money laundering rules and regulations as traditional financial institutions, according to a new report.
“I want to collaborate with the industry,” Warren told Bloomberg Television. “What I don’t understand is why the industry seems to be saying that the only way that they can survive is if there’s plenty of space for the drug traffickers and the human traffickers,” Warren told Bloomberg Television.
As CUToday.info has reported, Warren has been an outspoken critic of the cryptocurrency sector and recently introduced anti-money laundering legislation that would extend existing Bank Secrecy Act rules, such as customer due diligence procedures, to crypto entities like miners, transaction validators, and digital wallet providers.
Just Want Existing Rules Enforced
During the Bloomberg interview, Warren said she believes crypto doesn’t need its own specialized regulations, but that existing laws need to be properly enforced.
“I just want a level playing field here if you’re part of the financial system moving around literally billions of dollars,”Warren said. “My bill is not a regulatory bill. It’s a bill about law enforcement.”
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