{"id":9198,"date":"2022-12-16T02:15:38","date_gmt":"2022-12-16T02:15:38","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9198"},"modified":"2022-12-16T02:15:39","modified_gmt":"2022-12-16T02:15:39","slug":"us-senators-unveil-new-crypto-bill-experts-call-it-the-most-direct-attack-on-personal-freedom-and-privacy-of-crypto-users","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9198","title":{"rendered":"US Senators Unveil New Crypto Bill \u2014 Experts Call It the &#8216;Most Direct Attack&#8217; on Personal Freedom and Privacy of Crypto Users"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Two U.S. senators, including Elizabeth Warren, have introduced a bipartisan bill for the regulation of cryptocurrency. The bill, titled \u201cDigital Asset Anti-Money Laundering Act,\u201d is \u201cthe most direct attack on the personal freedom and privacy of cryptocurrency users and developers we\u2019ve yet seen,\u201d according to crypto advocates.<\/strong><\/p>\n<h2>Digital Asset Anti-Money Laundering Act of 2022 Launched<\/h2>\n<p>U.S. Senators Elizabeth Warren (D-MA) and Roger Marshall (R-KS) introduced new legislation to regulate the cryptocurrency sector Wednesday. Their bill, titled \u201cDigital Asset Anti-Money Laundering Act of 2022,\u201d seeks to crack down on money laundering in the crypto industry.<\/p>\n<p>Senator Warren tweeted Wednesday:<\/p>\n<p>By closing some loopholes and applying some common-sense rules, we can crack down on the ways rogue nations, oligarchs, and drug lords use crypto to launder billions, evade sanctions, and finance terrorism. I\u2019ve got a bipartisan bill for that.<\/p>\n<p>The legislation directs the Treasury Department\u2019s Financial Crimes Enforcement Network (FinCEN) to designate \u201ccustodial and unhosted wallet providers, cryptocurrency miners, validators, or other nodes who may act to validate or secure third-party transactions, independent network participants, including MEV searchers, and other validators with control over network protocols as money service businesses,\u201d according to the text of the bill.<\/p>\n<p>Crypto policy think tank Coin Center explained that Senator Warren\u2019s legislation \u201cwould force anyone who helps maintain public blockchain infrastructure, either through software development or validating transactions on the network, to register as a financial institution (FI).\u201d The crypto advocacy group added:<\/p>\n<p>As FIs, they would be obligated to identify and record the personal information of every person who uses their software or sends transactions over their internet-connected computers.<\/p>\n<p>Furthermore, the legislation would ban every FI from making transactions involving privacy tools, such as Tornado Cash, or privacy coins, such as zcash and monero, \u201cirrespective of any evidence of criminality related to those transactions,\u201d Coin Center noted.<\/p>\n<h2>Sen. Warren Slammed Over New Crypto Bill<\/h2>\n<p>Many people on Twitter slammed Senator Warren over her new crypto bill. The pro-bitcoin Senator Cynthia Lummis tweeted: \u201cRequiring open source developers to build AML\/KYC into node software and hardware wallets? That dog won\u2019t hunt.\u201d<\/p>\n<p>Blockchain law professor J.W. Verret replied to Warren\u2019s tweet: \u201cThis bill makes transactions easier for criminals to trace &amp; much worse than efforts to stop civil rights by surveilling donors. Your representations about the magnitude of illicit use is contrary to Treasury\u2019s testimony. Your push here is just fundamentally deceptive.\u201d<\/p>\n<p>Neeraj Agrawal, Coin Center\u2019s director of communications, opined: \u201cThe new Warren bill is a disaster. It would do nothing to prevent the next FTX.\u201d Commenting on Warren\u2019s crypto bill, Jerry Brito, Coin Center\u2019s executive director, tweeted:<\/p>\n<p>The bipartisan Digital Asset Anti-Money Laundering Act, introduced today by Sens. Warren and Marshall, is the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we\u2019ve yet seen.<\/p>\n<p><em><strong>What do you think about the new crypto bill introduced by Senator Elizabeth Warren? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-senators-unveil-new-crypto-bill-experts-call-it-the-most-direct-attack-on-personal-freedom-and-privacy-of-crypto-users\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two U.S. senators, including Elizabeth Warren, have introduced a bipartisan bill for the regulation of cryptocurrency. The bill, titled \u201cDigital Asset Anti-Money Laundering Act,\u201d is \u201cthe most direct attack on the personal freedom and privacy of cryptocurrency users and developers we\u2019ve yet seen,\u201d according to crypto advocates. Digital Asset Anti-Money Laundering Act of 2022 Launched [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-9198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9198"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9198\/revisions"}],"predecessor-version":[{"id":9200,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9198\/revisions\/9200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9199"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}