US Banking Advocacy Group BPI, backs Sen. Warren’s reintroduced Crypto Bill, paving the way for the Crypto Revolution.
In a groundbreaking development, a prominent US banking advocacy group has officially thrown its weight behind Senator Elizabeth Warren’s reinitiation of the long-awaited crypto bill.
Senator Elizabeth Warren, a strong opponent of cryptocurrencies, has introduced legislation that would subject digital assets to specific Anti-Money Laundering (AML) regulations. The Bank Policy Institute (BPI), a lobbying group for American banks, has welcomed this proposal.
The Digital Asset Anti-Money Laundering Act was reintroduced on July 28 by Warren, Joe Manchin, Roger Marshall, and Lindsey Graham, Bloomberg reported.
The law, which calls for greater transparency in digital asset transactions to prevent money laundering and terrorism financing, has the support of the BPI.
“In order to protect our country’s financial system against illegal funding in all its manifestations, the existing anti-money laundering and Bank Secrecy Act framework must take digital assets into account.”
BPI stated. The resounding support from this influential group, known for championing a traditional approach to finance, signals a significant turning point in the narrative surrounding cryptocurrency regulations.
US Senate Bill: Hiring IRS agents:
“A bill to hire 87,000 additional IRS agents to look into people’s accounts was approved by the US Senate in 2022.
A bill to oversee and audit the billions of dollars in American money provided to Ukraine was defeated by the Senate yesterday.”
In response to Republican claims that the IRS will hire 87,000 new agents to harass Americans about their taxes, U.S. Treasury officials and tax experts said that new IRS hires over the next ten years will primarily replace retiring Baby Boomers, answer taxpayer questions, and programme new computers. The Internal Revenue Service (IRS) administers and enforces U.S. federal tax laws.
The IRS will have 16,000 fewer employees in 2021 than it did in 2010 as a result of Republican-approved budget cuts passed by Congress during a ten-year period. The majority of the approximately $5 trillion in annual U.S. revenues are collected by this department.
