The Monday press release followed a Banking Committee hearing from Wednesday. The hearing featured Senator Warren and the CEOs from the most prominent US banks targeting the crypto space.
Senator Warren had this to say about the increasing support for the Act,
“The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks.”
Senator Warren added,
“I’m glad that five new senators are joining the fight to take action, including three members of the Banking Committee – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”
The Digital Asset Anti-Money Laundering Act aims to address illicit finance risks stemming from cryptos by incorporating anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks across the digital asset space.
Other possible reasons include an impact analysis of the DOJ’s oversight of Binance and SEC preparations for the SEC-Binance case.
There were no significant BTC-spot ETF-related updates to shift investor attention away from Capitol Hill. However, Senator Warren and SEC Chair Gary Gensler could collaborate further and affect progress toward a crypto-spot ETF market.
Crypto Community Reacts to the Senator Warren Press Release
On Monday, amicus curiae John E. Deaton and Coinbase (COIN) CEO Brian Armstrong shared some Senator Warren statistics.
According to Tom Dunleavy, the Senator sponsored 36 bills in the 118th Congress (2023-24), none of which passed. The Senator had a similar record from the 114th Congress to the 117th Congress.
DOGE Hit $0.1075 Before Tumbling to $0.0909
Dogecoin (DOGE) slid by 7.35% on Monday, ending the session at $0.0945. In a particularly choppy session, DOGE struck a session high of $0.1075 before tumbling to a low of $0.0909.
Dogecoin founder Billy Markus and Elon Musk made the news following a tweet exchange. On Monday, Markus, a.k.a. Shibetoshi Nakamoto, goaded the crypto bears, saying,
“Oh no, crypto died, everything is dead, blah blah blah.”
Elon Musk seemingly understood the sarcasm, sending rolling-on-the-floor laughing emojis.”
This morning, DOGE was up 2.65% to $0.0970.
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