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▲ US Congress, Cynthia Lummis, Elizabeth Warren, Cryptocurrency Regulation/AI-generated image
The Senate debate surrounding the US cryptocurrency market structure bill has escalated into a dispute over blocking illicit finance. Republican Senator Cynthia Lummis directly refuted criticisms from Democratic Senator Elizabeth Warren, heightening tension over the bill's passage ahead of a full Senate vote.
According to crypto-focused media outlet Benzinga on July 2 (local time), Lummis stated that the US cryptocurrency market structure bill contains safeguards to prevent illicit finance, in response to Warren's criticism. Lummis countered on X (formerly Twitter) that Warren's claims do not accurately reflect the bill's contents.
The first basis presented by Lummis is Section 201 of the bill. This provision expands the Bank Secrecy Act and anti-money laundering regulations to the digital asset sector. The Bank Secrecy Act is a law that requires financial institutions to provide necessary information to government agencies for the detection and prevention of financial crimes.
Lummis also cited Sections 303 and 305 of the bill as mechanisms to block illicit finance. Section 303 allows the US Treasury to monitor or restrict digital asset transactions linked to foreign jurisdictions with money laundering concerns. If necessary, it also grants the authority to completely prohibit such transactions. Section 305 enables law enforcement agencies to request exchanges and stablecoin issuers to delay suspicious transactions related to illegal activities. Lummis told Warren, “If you hate crypto, just say it. But stop the baseless attacks.”
Warren claimed that Iran-linked entities are processing billions of dollars in transactions through cryptocurrency platforms, including CoinEx. Wallets hosted by CoinEx are reported to have moved over $3.84 billion since 2019. Warren believes that the US cryptocurrency market structure bill does not adequately address the issue of illicit finance and the controversy surrounding potential conflicts of interest in the cryptocurrency businesses of former US President Donald Trump's family.
The US cryptocurrency market structure bill is a legislative proposal aimed at establishing a regulatory framework for cryptocurrencies. The bill passed the Senate Banking Committee in May, with some Democratic senators voting in favor along with all Republican members. It is currently on the Senate legislative calendar and could be subject to a full floor vote. The clash between Lummis, who champions provisions to block illicit finance, and Warren, who raises concerns about conflicts of interest and sanctions evasion, has emerged as a key political variable before the vote.
[Article Key Summary]
-Lummis refuted Warren's criticism, stating that the US cryptocurrency market structure bill includes mechanisms to block illicit finance.
-Lummis cited Sections 201, 303, and 305 of the bill as grounds, presenting provisions for expanding the Bank Secrecy Act, Treasury oversight authority, and requests to delay suspicious transactions.
-Warren opposes the bill, citing Iran-linked transactions and the controversy over conflicts of interest in the Trump family's cryptocurrency businesses.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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