The reason for the correction in the Bitcoin price is this week’s macro agenda and rapidly increasing price. However, there is another reason. In the coming hours, we will see the effects of the disruptive crypto law led by Senator Warren more clearly. For now, the Bitcoin price has dropped to $40,800, considering that the daily bottom is $40,400, there is a problem here.
Disruptive Crypto Law
The movement started under the leadership of Warren caused the Bitcoin price to wipe out $1000 in a short time. Considering the anxiety brought about by the events on the macro front on Wednesday, it would not be surprising if the BTC price falls below $39,000 in the next 48 hours. It was written in the announcement published by Warren;
“There is an expanded coalition of Senate support for the Digital Asset Money Laundering Prevention Act. This law will reduce the illegal financial risks created by crypto by closing loopholes and making the digital asset ecosystem more compatible with the anti-money laundering and counter-terrorism financing (AMF/CFT) frameworks that govern most of the financial system.”
Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen and Senators John Hickenlooper and Ray Luján supported the bill.
Warren said;
“The Treasury Department clearly shows that we need new laws to prevent crypto use that allows terrorist groups, rogue nations, drug barons, ransomware gangs, and fraudsters to launder billions of dollars in stolen funds, evade sanctions, finance illegal weapons programs, and profit from destructive cyber attacks. I am pleased that five new senators, including three members of the Banking Committee, have joined our movement. Our bipartisan bill design is the toughest proposal on the table to prevent illegal use of crypto and give regulators more tools in their toolbox. The lack of basic legal safeguards on crypto exposes Americans to countless risks. Moreover, crypto has become a preferred payment method for financing illegal activities of terrorist organizations, drug cartels, and authoritarian regimes. Crypto should be subject to the same transparency rules as traditional banks to help protect Americans and prevent it from being used to facilitate illegal behavior by criminal organizations and rogue nations.”
