"Poor investors, every day there are parties who want to target crypto."
United States (US) Senator Elizabeth Warren who introduced a bill to curb the alleged abuse of cryptocurrency in illegal activities was supported by members of the Banking Committee.
The bill proposes a strict regulatory framework for crypto markets including Know-Your-Customer (KYC) norms to bring the digital asset ecosystem into greater compliance with financial regulations.
Therefore, the Treasury Department also believes that the US needs new laws to prevent terrorist groups, drug businesses, ransomware groups and fraudsters from laundering billions of money, funding illegal weapons programs and others.
It is well known that the bill has received support from various organizations, including the Bank Policy Institute, the Massachusetts Bankers Association and Transparency International US.
However, the bill will likely have significant implications for the Securities and Exchange Commission (SEC) which is set to approve a spot BTC ETF next month, where it could spark a surge in institutional and retail demand for Bitcoin (BTC).
Recently, Warren appearing on CNBC has revealed that countries like North Korea are using crypto including BTC to finance a large part of their nuclear weapons program.
The assertion adds a global dimension to the debate by underscoring the potential misuse of digital currencies beyond domestic concerns.
