Senator Elizabeth Warren Calls for Stricter Crypto Regulations from New Treasury Secretary
Senator Elizabeth Warren has urged Scott Bessent, Donald Trump's nominee for Treasury Secretary, to implement stricter regulations on the cryptocurrency industry. Key points include:
- Warren inquired about enhancing the Treasury's powers to sanction the crypto sector.
- She emphasized the need for risk-based Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) measures targeting digital assets.
- Warren cited concerns over bad actors using cryptocurrencies for activities like money laundering, sanctions evasion, and funding terrorism.
- She proposed expanding the Treasury's authority under the Bank Secrecy Act (BSA) to cover overseas firms that engage with U.S. markets.
- Warren questioned whether the Office of Foreign Assets Control (OFAC) should oversee stablecoins.
Alexander Grieve from Paradigm noted that Warren's inquiries might signal a larger agenda aimed at increasing AML regulations over cryptocurrency technology providers.