On the 14th (local time), Senator Warren sent an open letter to Treasury Secretary nominee Scott Bessent, stating that he
If she were to lead the department, she would urge it to consider tougher regulations and enforcement measures for crypto assets. Warren said she would be “focused on anti-money laundering (AML) and combating the financing of terrorism (CF).
"The IMF should consider whether its programs should include risk-based controls to prevent money laundering and terrorist financing related to crypto assets."
Additionally, malicious actors may use cryptocurrencies for money laundering, sanctions evasion, and other criminal activities to fund activities such as North Korea's nuclear program and ransomware attacks.
Senator Warren will serve as the Democratic chair of the Senate Banking Committee. In an open letter written on the 12th of last month, Senator Warren said that Treasury Secretary Bessent's advisor
We asked the experts whether the Treasury should have stronger sanctions authority over the cryptocurrency sector, and whether the Treasury’s anti-money laundering and anti-terrorist financing authority should be used to target fintech and cryptocurrency.
"Whether to include secondary sanctions tools that could cut off U.S. industrial entities from U.S. financial networks," and "the Treasury Department's banking and financial institutions that have connections to U.S. markets and customers."
"Should the BSA be expanded and should the Office of Foreign Assets Control (OFAC) have jurisdiction over stablecoins?" he asked.
The BSA is a law that requires financial institutions to maintain business records and submit reports to the U.S. Treasury Department.
They asked that answers to these questions be prepared for his confirmation hearing on the 16th.
2025/01/15 11:18 KST
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