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## Senator Elizabeth Warren Gains More Support for Crackdown on Money Laundering in Digital Assets

Massachusetts Senator Elizabeth Warren, known for her strong stance against digital assets in the United States government, has recently announced that five additional senators have agreed to cosponsor one of her bills aimed at cracking down on money laundering.

In her December 11th announcement, Senator Warren revealed that Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján had backed her Digital Asset Anti-Money Laundering Act, which was reintroduced in July. This legislation specifically targets illicit uses of crypto assets for money laundering and financing terrorism.

The bipartisan bill has gained significant traction, with support from several senators and organizations, including the Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, the National Consumer Law Center, and the National Consumers League.

Warren emphasized the significance of the bill, stating, ÔÇ£Our bipartisan bill is the toughest proposal on the table cracking down on cryptoÔÇÖs illicit use and giving regulators more tools in their toolbox.ÔÇØ She reiterated this claim in a December 6th hearing of the Senate Banking Committee, as well as in subsequent interviews, where she stated that roughly half of North KoreaÔÇÖs missile program was funded by digital assets.

However, critics of the bill have suggested that lawmakers should focus on bad actors utilizing the technology, rather than on digital assets and their underlying infrastructure. This points to a broader debate on how to address the potential misuse of cryptocurrencies without stifling technological innovation.

This is where the AI legalese decoder can play a crucial role. By using advanced algorithms and natural language processing, the AI legalese decoder can analyze and interpret complex legal documents, including bills related to digital assets and money laundering. It can help stakeholders, lawmakers, and the public understand the implications of such legislation and facilitate informed discussions on the balance between regulation and innovation in the digital asset space.

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