Reported by: Matt Egan, CNN

As federal prosecutors seek to imprison former crypto darling Sam Bankman-Fried, Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry.

The Massachusetts Democrat is teaming up with Republican Sen. Roger Marshall of Kansas to introduce new legislation on Wednesday that would seek to close loopholes in the financial system that pose national security risks by allowing digital assets to be used for money laundering, Warren’s office told CNN. 

Due to time constraints, the Warren-Marshall crypto legislation has little chance of getting through this Congress. The bill would need to be reintroduced when the new Congress is seated.

The new bill, called the Digital Asset Anti-Money Laundering Act, would attack money laundering by attempting to bring the digital asset ecosystem into compliance with the existing system of anti-money laundering in the worldwide financial system.

The legislation would direct the Financial Crimes Enforcement Network (FinCEN) within the Treasury Department to designate digital asset wallet providers, miners, validators and others as money service businesses. That in turn would extend responsibilities in the Bank Secrecy Act to the crypto industry, including Know-Your-Customer (KYC) requirements.

Read full report: https://amp.cnn.com/cnn/2022/12/14/business/elizabeth-warren-bipartisan-crypto-crackdown/index.html