Anti-crypto bill secures support by 5 new US Senators

The trade price of the crypto assets impacted badly as the anti-crypto bill grabbed support from other senators.

Elizabeth Warren is 74-year-old American politician and former law professor who is the senior United States senator from Massachusetts. The Digital Asset Anti-Money Laundering Act, popularly known as the anti-crypto bill, was reintroduced by Senators Elizabeth Warren and Roger Marshall. 

On 11 Dec 2023, Elizabeth Warren confirmed through a press release that the Digital Asset Anti-Money Laundering Act secured support from 5 other senators to fight against the misuse of cryptocurrencies in the US. 

A list of US senators paid off by the banks to cosponsor Elizabeth Warren's anti-crypto bill

* @RaphaelWarnock (D-GA)
* @LaphonzaB (D-CA)
* @ChrisVanHollen (D-MD)
* @Hickenlooper (D-CO)
* @benraylujan (D-NM)
* @RogerMarshallMD (R-KS)
* @JoeManchinWV (D-WV)

List continues

— Evan Van Ness (@evan_van_ness) December 11, 2023

Notably,14 Senators were already in support of this bill, so a total of 21 Senators are backing this bill to combat the illegal activities related to cryptocurrencies.

However, this bill aims to combat crypto money laundering, Ransomware attacks, and drug trafficking via strict monitoring rules on banking & retail users but crypto proponents believe that this bill will slow down the crypto adoption & less likely to combat the misuse of crypto. 

The majority of the people noted that this anti-crypto bill proposes extending the Bank Secrecy Act’s Know-Your-Customer requirements to digital asset wallet providers, including non-custodial wallets, miners, validators, and other network participants engaging in digital asset transactions. 

So here we can conclude that all the players who are participating in the decentralized crypto network independently would have to go through strong compliance, while they don’t control the network or transaction directly. 

Following this development, the trade price of the majority of the crypto assets plummeted significantly.

The trade price of Bitcoin hit $40.3k following this news. The current trade price of Bitcoin is $41.66k & this trade price is 4.7% down over the last 24 hours trade price. 

Yesterday the trade price of Bitcoin plummeted 6% following the news of Mtgox repayment. And now this news played a vital role in dragging the trade price of Bitcoin back amid the initial phase of the Bitcoin bull cycle.

Read also: BlackRock warns Bitcoin trade value will crash if SEC labels it security