- Elizabeth Warren’s anti-crypto bill will be delayed until further notice.
- The delay is due to a lack of co-sponsors and supporters.
- Recently, Coinbase sued the SEC to spur the latter to provide better clarity to crypto firms.
The notorious crypto anti-money laundering bill being pushed by Senators Elizabeth Warren and Roger Marshall will be delayed for the time being due to a lack of co-sponsors.
No timeline has been set yet as to when the bill will get pushed through or if there are any influential people who expressed interest in joining Warren in this endeavor.
The said bill aims to combat illicit activities in the cryptocurrency industry by requiring the implementation of KYC rules. However, many in the crypto industry expressed alarm due to a possible overreach should the bill become law.
On the other hand, Know Your Customer (KYC) rules require individuals or entities to provide identification and other personal information to prove their identity before engaging in financial transactions.
By implementing KYC rules, the bill could help prevent money laundering and other criminal activities within the crypto industry. It’s worth noting that the crypto industry has been a subject of regulatory scrutiny in recent years due to its potential to be used for illegal activities.
However, supposed regulators including the US Securities and Exchange Commission (SEC) are struggling to establish clarity and investor protection. In fact, Coinbase recently sued the SEC in an attempt to spur the latter to establish clear frameworks beneficial to crypto firms in the US.
