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MARKETS DAILY: Featured Story | Elizabeth Warren’s Bill Won’t Stop Money Laundering, but It Could Ban Crypto

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Cryptocurrencies, Cryptocurrency, Dlt, Tokenization, Coindesk, Distributed Ledger, Blockchain, Tech News, Business News, Ethereum, Bitcoin, News, Digitalassets, Daily News, Decentralization, Defi, Crypto, Business

4.8689 Ratings

🗓️ 21 May 2023

⏱️ 7 minutes

🧾️ Download transcript

Summary

Featured Story:  

Is an opinion piece by John Rizzo a senior vice president for public affairs at Clyde Group, titled: Elizabeth Warren’s Bill Won’t Stop Money Laundering, but It Could Ban Crypto

On today's show, we discuss the Digital Asset Anti-Money Laundering Act, which is being pushed by Senator Elizabeth Warren (D-MA) and Senator Roger Marshall (R-KS), and aims to close loopholes that criminals may exploit to launder money through crypto assets. However, it appears that this legislation may actually further a strategy to ban crypto. 


This episode was edited by Ryan Huntington, and Senior Producer is Michele Musso. All original music by Doc Blust and Colin Mealey.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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1:08.8

Today's featured stories in a pinnipiece from John Rizzo, the Senior Vice President of Public Affairs of the Clyde Group, who also recently served as the senior spokesperson for the U.S. Department of Treasury, covering digital assets, fintech, climate finance, financial stability, domestic finance, and the economic policy.

1:13.1

Our piece today is entitled, Elizabeth Warren's bill won't stop money laundering, but it could ban crypto.

1:18.2

On Capitol Hill, Senator Elizabeth Warren, a Democrat from Massachusetts, and Senator Roger

1:23.0

Marshall, a Republican from Kansas, are pushing legislation that purports to close loopholes

1:27.3

bad actors may exploit to launder money through crypto assets.

1:30.7

But what the legislation, the so-called digital asset anti-money laundering act, actually does is further a strategy to ban crypto by treating software developers and transaction validators as financial institutions, in effect rendering crypto useless.

1:45.3

Warren, it's important to remember after all, says she's leading a anti-crypto army. Money laundering, which is the process of

1:50.4

filtering ill-gotten gains through the traditional financial system, of course, is illegal.

1:54.2

There is some laundering of money using crypto assets, although most occurs using traditional

1:58.4

government-issued currencies, especially the dollar.

2:05.4

Law enforcement has proven adept at identifying and holding accountable those who break money-lundering laws.

2:09.4

All of these facts are true, but you wouldn't know that listening to the debate on Capitol Hill.

...

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