Massachusetts Senator Elizabeth Warren introduced new legislation Wednesday aimed at cracking down on money laundering, fraud, and theft in the cryptocurrency industry.
The bill, called the Digital Asset Anti-Money Laundering Act, would bring to crypto some of the same rules that govern the US financial system. One of the primary goals is to close some of the loopholes that criminals and terrorists have been exploiting, Warren’s office said.
The legislation, co-sponsored by Senator Roger Marshall of Kansas, comes during a tumultuous period in the industry and just weeks after the collapse of crypto exchange FTX.