A group of U.S. senators led by Senator Elizabeth Warren is pushing for stricter oversight of the cryptocurrency industry to combat illicit financial activities.
Nine additional senators from both parties have joined Warren's call for legislation that would impose regulations on cryptocurrency transactions.
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Warren welcomed the additional backing, expressing feelings of positivity and readiness within Congress to confront the challenges posed by cryptocurrencies.
She emphasized that the bipartisan bill is currently the most comprehensive one addressing the misuse of cryptocurrencies and that it would offer regulators enhanced oversight mechanisms.
Endorsements have come from Senators Catherine Cortez Masto, Richard Blumenthal, Tina Smith, Bob Casey, Jeanne Shaheen, Michael Bennet, Gary Peters, Dick Durbin, and Independent Senator Angus King.
The chairs of the Senate Judiciary Committee and Senate Homeland Security and Governmental Affairs Committee, Durbin and Peters respectively, are among these supporters, highlighting the reach of the support into crucial Senate committees.
Several influential non-governmental organizations and industry groups have also lent their support to the bill.
The National District Attorneys Association, the Major County Sheriffs of America, Transparency International U.S., Global Financial Integrity, the National Consumer Law Center, and the National Consumers League have all endorsed the proposal.
Highlighting a potential risk to tax revenue, Warren referred to a sizable "crypto tax gap."
She warned that a delay in tax policy renewal could lead the IRS and the U.S. Treasury to forgoRead more on cryptonews.com