Sen. Elizabeth Warren on Wednesday introduced bipartisan laws to crack down on cryptocurrency cash laundering with a invoice referred to as the Digital Asset Anti-Cash Laundering Act of 2022.

The invoice, which is being co-sponsored by Sen. Roger Marshall of Kansas, is designed to “mitigate the dangers that cryptocurrency and different digital property pose to america’s nationwide safety by closing loopholes” within the present anti-money laundering system. The objective is to create compliance requirements for digital currencies that extra carefully resemble the foundations that govern the remainder of the monetary system.

For years, there’s been scant US regulation surrounding cryptocurrencies, however the bipartisan invoice seeks to vary that. For instance, the invoice would broaden sure Financial institution Secrecy Act tasks to digital property, such because the Know-Your-Buyer requirement, which mandates that banks validate the identification of their clients.

Warren’s announcement of the invoice comes on the heels of probably the most high-profile cryptocurrency scandal up to now: the collapse of FTX, beforehand the world’s second largest cryptocurrency alternate. Former CEO Sam Bankman-Fried was arrested this week and faces expenses of cash laundering and fraud. Bankman-Fried has denied any legal wrongdoing or intent.

In an announcement, Warren stated the cryptocurrency business ought to be ruled by the identical sort of guidelines as different monetary establishments. “Rogue nations, oligarchs, drug lords, and human traffickers are utilizing digital property to launder billions in stolen funds, evade sanctions, and finance terrorism,” Warren stated in an announcement. “The crypto business ought to comply with commonsense guidelines like banks, brokers and Western Union, and this laws would guarantee the identical requirements apply throughout related monetary transactions.”

Cybercriminals raked in a file excessive of a minimum of $14 billion in digital property final 12 months, in line with an announcement from Warren’s workplace. The Massachusetts senator additionally participated within the Senate Banking Committee listening to on Wednesday analyzing the collapse of FTX. 

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