cryptonews: Sen. Elizabeth Warren wants to ensure that when crypto anti-money-laundering regulations are written later this year, they don't leave a 'giant loophole' called decentralized finance. 🧐
Sen. Elizabeth Warren wants to ensure that when crypto anti-money-laundering regulations are written later this year, they don't leave a "giant loophole" called decentralized finance.
And while she didn't explicitly state that the 2023 version would target decentralized finance and DAOs, she did say that "some in the crypto industry say that anti-money laundering rules can work so long as they exempt so-called 'decentralized entities' — the crypto exchanges, lenders and other financial intermediaries that run on code. She said:
Saying that banks, credit unions, stockbrokers, gold dealers and Western Union have found ways to make AML reporting rules work, Sen. Warren took issue with what she called the crypto's claim that it's "all but impossible" to apply AML rules to the whole industry. The rules should be simple, she said: "Same kind of transaction, same kind of risk means the same kind of rules."However, that argument requires a basic misunderstanding of how blockchains work. Leaving aside that breaking the pseudonymity of transactions effectively breaks crypto payments, Sen.
It was, she said, "the payment method of choice for international drug traffickers, who raked in over $1 billion [and] North Korean hackers who stole $1.7 billion and funneled that money into their nuclear program."
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