Significant progress has been made in the discussions on crypto regulations in the US. Senator Elizabeth Warren, a Democrat from the US, has gained support from 9 more Senators for her bill that includes a series of new regulations for the crypto industry. As a result, the number of Senators supporting Warren’s bill has reached 12.
Regulatory Uncertainty Continues in the US
Cryptocurrencies have gained significant popularity globally in recent years, thanks to the substantial increase in trading volumes and market values. As the crypto industry continues to grow rapidly, regulatory authorities in many countries, including the US, have started intensive efforts to regulate the crypto industry.
During this process, several important developments have taken place regarding crypto regulations. However, a clear regulatory framework has not yet been established, despite significant progress in crypto regulations in many countries, including the United States.
Many US Senators have started working on various bills to achieve a new phase in crypto regulations. Senator Elizabeth Warren’s bill has also gained support from 9 more Senators.
9 More Senators Support Warren’s Bill
Significant developments have recently occurred in terms of crypto regulations in the US. According to Politico’s news dated September 14, Democratic Senator Elizabeth Warren’s bill, aiming to introduce a series of new standards for crypto regulations, has gained support from 9 more Senators.
As a result, the number of Senators supporting Warren’s bill has reached 12. According to Politico, the Senators supporting the bill include Gary Peters and Dick Durbin, as well as Senators Tina Smith, Angus King, Michael Bennet, Bob Casey, Catherine Cortez Masto, Jeanne Shaheen, and Richard Blumenthal.
The published report on the bill focusing on anti-money laundering standards highlights that the illegal use of digital assets has reached $20 billion and 44% of these transactions are linked to sanctioned institutions from last year. This bill aims to enhance regulatory oversight in the growing sector. Senator Manchin emphasized that this bill aims to reduce security risks associated with crypto platforms and compel them to adhere to the same standards as traditional banks in certain regulations.
