Senator Elizabeth Warren, known for her anti-crypto stance, is pushing for strict legislative measures to combat money laundering and terrorism financing in stablecoins. She emphasizes the need to adopt the proposed enforcement authorities by the Treasury.
Warren criticizes the Lummis-Gillibrand bill for not mentioning AML/CFT measures and prefers a future bill from the House of Representatives.
In a letter to Treasury Secretary Janet Yellen, Warren comments on the testimony of Treasury Undersecretary Wally Adeyemo, who appeared before the Senate Banking Committee on April 9th to discuss proposals to expand sanction powers to blockchain validator node operators, among other measures.
Warren expressed disagreement with the stablecoin bill introduced by Senators Kirsten Gillibrand and Cynthia Lummis on April 17th, which barely mentions AML/CFT measures. Instead, she looks forward to a bill from the House of Representatives under the leadership of Finance Committee Chairman Patrick McHenry and Ranking Member Maxine Waters. Warren also sent a similar letter to McHenry and Waters on April 8th.
In her correspondence with Secretary Yellen, Warren stressed the importance of including a comprehensive set of anti-money laundering tools, as requested by the Treasury in its November 2023 letter to Congress, in any legislation governing the $157 billion stablecoin market. She emphasized the significance of these tools in effectively combating terrorism financing.
