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.
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