Senator Elizabeth Warren takes action, introducing a bill to tackle concerns about digital currencies.
Banking Committee's bill strongly backs more oversight and rules for Bitcoin and cryptocurrencies, a big step toward regulation in the industry.
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Senator Warren insists on tough regulations for cryptocurrencies, citing their role in criminal activities. Addressing this is crucial for oversight.
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Warren insists the Treasury Department is emphasizing the need for new laws to curb crypto's role in illegal activities and cyber threats.
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Warren is pleased about five new senators, three from the Banking Committee, supporting the toughest bill against crypto's misuse, empowering regulators.
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Senator Warren's bill toughens rules, making banks report more, especially on "transactions with unhosted wallets." More scrutiny for financial activities.
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Banks, law groups, AARP, and consumer advocates back the bill for honest banking and stronger financial integrity. It's widely supported.
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As Bitcoin gains global popularity, the proposed US legislation reflects the surging interest in regulating its widespread adoption
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Next month, the SEC decides on the US's first Bitcoin ETF. Approval may trigger significant demand from both institutions and individuals.
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Senator Warren stated on CNBC last Thursday that North Korea relies on Bitcoin and crypto for almost half its nuclear program funding.
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