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☆ Bill in Congress Would Force Action on U.S. Troops’ Blast Exposure
▼ + stars: | 2024-04-09 | by ( Dave Philipps | ) www.nytimes.com time to read: +1 min

Lawmakers from both parties plan to introduce a sweeping bill in Congress on Wednesday that would force the military for the first time to track and limit troops’ exposure to damaging shock waves from firing their own weapons. The bill, known as the Blast Overpressure Safety Act, would order the military to begin recording troops’ individual blast exposures in training and regularly give exposed troops neurocognitive tests to check for signs of possible injuries. It would also require military medical personnel to be trained in recognizing injuries from repeated blast exposure, which are currently often misdiagnosed as behavioral health issues, if they are diagnosed at all. Senators Elizabeth Warren, Democrat of Massachusetts, and Joni Ernst, Republican of Iowa, plan to introduce the bill in the Senate on Wednesday. Representative Ro Khanna, Democrat of California, plans to introduce a similar bill in the House.

Persons: Senators Elizabeth Warren, Joni Ernst, Ro Khanna Organizations: Senators, Republican Locations: Massachusetts, Iowa, California

☆ Pressure grows on US Treasury to salvage trucking giant Yellow
▼ + stars: | 2023-11-08 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

THE TAKERepublicans and Democrats pushing Treasury could benefit Jack Cooper, one the largest U.S. privately owned auto transport companies, making its long-shot bid to rescue Yellow from bankruptcy liquidation more likely. Making Yellow’s "loan repayment terms more flexible, is a commonsense step to keep Yellow’s trucks on the road, and keep its workforce gainfully employed," he wrote. Yellow's assets include 12,000 trucks and 35,000 trailers, along with hundreds of terminals, according to its bankruptcy court filing. Yellow said in its bankruptcy filing it had $2.15 billion in assets and $2.59 billion in debt. WHAT'S NEXTA final decision by Treasury on whether it will extend the loan is expected this month, as the bankruptcy proceeds to a potential sale of assets.

Persons: Mike Blake, Josh Hawley, Trump, Roger Marshall, Sherrod Brown, Bob Casey, Elizabeth Warren, Ed Markey, Jack Cooper, Jack Cooper's, Hawley, gainfully, Biden, Jarrett Renshaw, Heather Timmons, Matthew Lewis Organizations: U.S, U.S . Treasury, Republicans, Democrats, Reuters, Treasury, Republican, Democratic, Walmart, International Brotherhood of Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Philadelphia

Israeli police said in an Oct. 10 statement that it had frozen several crypto accounts that were used to solicit donations for Hamas. Reuters reported in May that Israel had seized around 190 crypto accounts at crypto exchange Binance since 2021, including dozens it said were owned by Palestinian firms connected to Hamas. Hamas uses a global financing network to funnel support from charities and friendly nations, including by using cryptocurrencies, Reuters reported on Monday. The lawmakers requested that the Biden administration provide estimates on the value of crypto assets that remain in Hamas-controlled wallets, how much of Hamas’ operations are funded through crypto, and any information it has on the actors facilitating the sending of crypto to and from Hamas and other militant groups. Reporting by Hannah Lang in Washington; editing by Michelle Price and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Elizabeth Warren, Julia Nikhinson, Biden, Senators Elizabeth Warren, Roger Marshall, Sean Casten, Israel, Binance, Hannah Lang, Michelle Price, Bill Berkrot Organizations: Intelligence, U.S, Capitol, REUTERS, Hamas, U.S . Treasury Department, White, Senators, Reuters, TRM Labs, Thomson Locations: Washington , U.S, cryptocurrencies, Israel, Hamas, Washington

☆ US OKs state auto-repair law after raising hacking concerns
▼ + stars: | 2023-08-22 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

After discussions with Massachusetts, NHTSA said the state had clarified that automakers could comply with the law using a "short-range wireless compliance approach, implemented appropriately." The Massachusetts attorney general's office said it appreciated "NHTSA’s clarification today that our state law is not preempted by federal law." Automakers now must comply with the state law, the office said. The Alliance for Automotive Innovation, a trade group representing major automakers including General Motors (GM.N), Toyota Motor (7203.T) and Volkswagen (VOWG_p.DE) declined to comment but previously argued the state law would require automakers "to remove essential cybersecurity protections from their vehicles." The White House competition council engaged behind the scenes to help reach a resolution, a senior administration official said.

Persons: Brian Snyder, general's, Senators Elizabeth Warren, Ed Markey, David Shepardson, Jonathan Oatis, Andy Sullivan Organizations: Boston, REUTERS, Rights, Traffic Safety Administration, NHTSA, Alliance, Automotive Innovation, General Motors, Toyota, Volkswagen, Senators, Massachusetts, House, Thomson Locations: Somerville , Massachusetts, U.S, Massachusetts

Senator Elizabeth Warren (D-MA) listens during a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill in Washington, U.S., April 18, 2023. In addition to creating the regulatory commission, the proposed law would tighten antitrust law to forbid the companies from preferencing their own products over those of rivals. "This bipartisan bill would create a new tech regulator and makes clear that reining in Big Tech platforms is a top priority on both sides of the aisle," said Warren in a statement. Graham said the creation of the regulatory commission was "the first step in a long journey to protect American consumers from the massive power these companies currently wield." Amazon declined comment while Facebook and Google did not respond to a request for comment on the proposal.

Persons: Elizabeth Warren, Amanda Andrade, Rhoades, Lindsey Graham, Warren, Graham, Diane Bartz, Matthew Lewis Organizations: Banking, Housing, Urban Affairs, Capitol, REUTERS, WASHINGTON, Democrat, Republican, Facebook, Google, Big Tech, Federal Trade Commission, Digital Consumer Protection, Thomson Locations: Washington , U.S, Big Tech, Washington

☆ Should the U.S. government pay reparations for slavery and its legacy?
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +10 min

The poll found that 74% of Black Americans favor reparations compared to just 26% of white Americans. A divided America Views on whether the U.S. government should provide some form of reparations for slavery and its legacy are split along party and racial lines. They also say it’s wrong to have taxpayers finance reparations, given that no one alive today is responsible for slavery. In April 2021, Gohmert went on the attack by proposing an amendment calling for the Democratic Party to pay for reparations. In the slavery era, the Democratic Party supported slavery; the Republican Party, led by Abraham Lincoln, called for slavery’s restriction and eventually abolished it.

Persons: –, Elizabeth Warren, Chris Van Hollen, Lloyd Doggett, Tommy Tuberville, John N, Kennedy, Louie Gohmert, ”, Black, Robert Lindsay, Gohmert, Abraham Lincoln, Lindsay, Valentine, ” Tuberville, “, Tuberville, Valentine Brazil, Nathan Calhoun, ” Kennedy, Nathan Calhoun’s, Dabney P, Calhoun, John Crawford, ’ Warren, Warren, – Crawford, Crawford, ” Warren, Isaac Hollingsworth, ’, Van Hollen, ” Van Hollen, Miller Doggett, Doggett, ” Doggett, Jim Crow, Tom Bergin, Makini Brice, Nicholas P, Brown, Donna Bryson, Lawrence Delevingne, Brad Heath, Andrea Januta, Gui Qing Koh, Tom Lasseter, Grant Smith, Maurice Tamman, Catherine Tai Design, John Emerson, Jeremy Schultz, Blake Morrison Organizations: Black, Reuters, –, 117th, U.S ., Louie Gohmert Former U.S, Representative, Republican, Democratic Party, Republican Party, Vigilance, Kennedy U.S, Massachusetts Democrat, Senate, Chris Van Hollen U.S, Maryland, Lloyd Doggett U.S, H.R, Texas Democrat Locations: United States, America, U.S . Civil, Louie Gohmert Former, Texas, Europe, Bowie County , Texas, Boston, Bowie County, Alabama, Valentine Brazil, Nevada, Tuberville, Saline County , Arkansas, Brazil, Ouachita, Louisiana, Abbeville , South Carolina, Massachusetts, Dorchester County , Maryland, Maryland, Virginia, Tennessee

☆ In N.Y. Primaries, Democrats Face a Swell of Challengers From the Right
▼ + stars: | 2023-06-24 | by ( Jeffery C. Mays | ) www.nytimes.com time to read: +1 min

When Melinda Katz ran for Queens district attorney in 2019, her principal opponent in the Democratic primary was a public defender and democratic socialist with a platform of ending cash bail and eventually abolishing the police. With endorsements from progressive prosecutors around the country — as well as from Senators Elizabeth Warren and Bernie Sanders and Representative Alexandria Ocasio-Cortez — Tiffany Cabán, a first-time candidate, lost by fewer than 60 votes after painting Ms. Katz as a regressive Democrat. Four years later, the strongest challenge to Ms. Katz is coming from George Grasso, an opponent running to her right who has accused her of being soft on crime. It’s not the only contest in the city where moderate Democrats are facing opponents on the right in primaries on Tuesday. In several City Council races, from the Bronx to southern Brooklyn, moderate Democrats are being challenged over public safety, affordable housing and education by more conservative members of their own party.

Persons: Melinda Katz, Elizabeth Warren, Bernie Sanders, Alexandria Ocasio, Cortez — Tiffany Cabán, Katz, George Grasso, It’s Organizations: Queens, Democratic, Council Locations: Bronx, Brooklyn

☆ US Senate panel invites PGA Tour commissioner, LIV CEO to testify on merger
▼ + stars: | 2023-06-21 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Nick Lachance/File PhotoWASHINGTON, June 21 (Reuters) - A U.S. Senate panel on Wednesday invited PGA Tour Commissioner Jay Monahan, Saudi Arabia's Public Investment Fund Governor Yasir al-Rumayyan and LIV Golf CEO Greg Norman to testify at a July 11 hearing. The Justice department has been investigating the PGA Tour for trying to keep its players from defecting to LIV. The PGA Tour, DP World Tour and rival Saudi-backed LIV circuit, which had been involved in a bitter fight that split the sport, announced an agreement to merge and form one unified commercial entity. The LIV Golf series is bankrolled by the Saudi Arabia Public Investment Fund (PIV). The PGA Tour and LIV did not immediately respond to requests for comment on Wednesday.

Persons: LIV, Nick Lachance, Jay Monahan, Yasir al, Greg Norman, Richard Blumenthal, Ron Johnson, Blumenthal, Elizabeth Warren, Ron Wyden, LIV Golf, Critics, Jamal Khashoggi, David Shepardson, Mark Porter, Bill Berkrot Organizations: Canadian, PGA Tour, Oakdale, Country Club, REUTERS, WASHINGTON, U.S, Senate, Wednesday, Saudi, Public Investment, Investigations, PGA, Saudi Public Investment Fund, Justice Department, Saudi Arabia Public Investment Fund, Washington Post, Thomson Locations: Saudi, Toronto , Ontario, Canada, Saudi Arabian

☆ PGA Tour-Saudi deal scrutiny intensifies as Senate Finance Committee investigates
▼ + stars: | 2023-06-15 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —The backlash to the proposed merger between the PGA Tour and LIV Golf intensified as Senate Finance Committee Chairman Ron Wyden, D-Oregon, opened an investigation into the deal on Thursday. The committee will probe the deal between the US-based PGA Tour and the Saudi Public Investment Fund-backed LIV Golf and assess what the deal means for national security. The PGA Tour and LIV Golf did not immediately respond to CNN’s request for comment. The surprise deal this month between the PGA Tour and LIV Golf, competing tours locked in a legal battle before the merger announcement, has faced growing opposition from lawmakers. The US-based PGA Tour said the merger would “unify the game” and all pending litigation between the tours would be dropped under the new agreement.

Persons: LIV Golf, Ron Wyden, ” Wyden, Wyden, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, Elizabeth Warren, LIV, “ Organizations: CNN, PGA, Saudi Public Investment Fund, Saudi, of Justice, PGA Tour, DOJ, Democratic, Senate, LIV Locations: Oregon, United States, Saudi, Saudi Arabia, U.S

☆ PGA Tour, LIV golf deal needs close DOJ scrutiny, senators say
▼ + stars: | 2023-06-14 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/3] Golf - The inaugural LIV Golf Invitational - Centurion Club, Hemel Hempstead, St Albans, Britain - June 11, 2022 South Africa's Charl Schwartzel of the Stinger team celebrates on the podium after winning The inaugural LIV Golf Invitational REUTERS/Paul Childs/File PhotoWASHINGTON, June 14 (Reuters) - U.S. Senators Elizabeth Warren and Ron Wyden asked the Justice Department to open an antitrust investigation into the planned deal between the PGA Tour and Saudi-backed LIV Golf, saying they believe it would result in a monopoly over professional golf operations. The LIV Golf series is bankrolled by the Saudi Arabia Public Investment Fund. The department has been investigating the PGA Tour for trying to keep its players from defecting to LIV. On Monday, Senator Richard Blumenthal asked the PGA Tour and LIV Golf for communications and records on their planned tie-up.

Persons: LIV, Paul Childs, Senators Elizabeth Warren, Ron Wyden, LIV Golf, General Merrick Garland, Jonathan Kanter, Richard Blumenthal, Jamal Khashoggi, David Shepardson, Jonathan Oatis Organizations: Centurion Club, LIV Golf, REUTERS, WASHINGTON, U.S, Senators, Justice Department, PGA Tour, Saudi Arabia Public Investment Fund, Critics, PGA, Washington Post, Thomson Locations: Hemel Hempstead, St Albans, Britain, Saudi, U.S, Saudi Arabian

Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.

☆ Regulators need to report SVB executives' potential 'outrageous and indefensible' behavior to Congress to avoid mistakes made after the 2008 financial crisis, 2 top Democrats say
▼ + stars: | 2023-03-15 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Elizabeth Warren and Richard Blumenthal are calling on the SEC and DOJ to look into the collapse. "The nation's bank regulators cannot make the same mistake twice," they continued. Warren and Blumenthal wrote in their letter that "SVB officials showed a pattern of risky and questionable decision making" that may have contributed to the bank's collapse. They also noted the lack of stress tests that would have helped regulators determine whether the bank could respond to rising interest rates. But Warren has been persistent in her message, already introducing legislation alongside Rep. Katie Porter to roll back the 2018 changes.

☆ Kroger's new payroll system resulted in workers receiving less pay than owed or no paycheck at all according to 4 lawsuits filed agains the grocery chain
▼ + stars: | 2023-03-14 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Kroger employees say they were underpaid, or not paid at all, according to class-action lawsuits. A new payroll system known as "MyTime" or "MyInfo" is to blame, HR Dive reported. At least four class-action lawsuits claim that the system, implemented last year, resulted in workers receiving less pay than they were owed or no paycheck at all, industry publications HR Dive and Grocery Dive reported. "For example, Kroger employees have been forced to work second jobs, or take on high-interest and risky payday loans in order to meet daily expenses," according to the complaint. Kroger is one of the major retailers that have promoted their efforts to pay workers more in recent weeks.

☆ US senators blast Treasury's failure to move faster on climate risks
▼ + stars: | 2023-03-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, March 9 (Reuters) - Three U.S. senators blasted the Treasury Department on Thursday for its failure to act more swiftly to counter climate risks, and urged Secretary Janet Yellen to appoint a new climate counselor to lead the effort. In a letter to Yellen viewed by Reuters, Democratic Senators Elizabeth Warren, Sheldon Whitehouse and Edward Markey criticized the work done by John Morton, Yellen's first climate counselor. The second Treasury official, who was not authorized to speak publicly, said the independent agencies grouped under FSOC were taking action, but those steps followed prescribed processes. No Treasury climate counselor could speed up that work since the agencies were independent, the official said. They asked Yellen to respond to over a dozen questions on Treasury's efforts to mitigate risks to the U.S. economy posed by accelerating climate change.

☆ US senators blast Treasury's 'lack of progress' on climate risks
▼ + stars: | 2023-03-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

In a letter to Yellen viewed by Reuters, Democratic Senators Elizabeth Warren, Sheldon Whitehouse and Edward Markey criticized the work done by John Morton, Yellen's first climate counselor. "Treasury has been central to delivering on the Biden Administration’s climate agenda," she said, when asked about the senators' letter. In their letter, the senators also faulted Treasury's leadership of climate work by the Financial Stability Oversight Council, which identified climate change as an "emerging and increasing threat to U.S. financial stability" in October 2021. The second Treasury official, who was not authorized to speak publicly, said the independent agencies grouped under FSOC were taking action, but those steps followed prescribed processes. No Treasury climate counselor could speed up that work since the agencies were independent, the official said.

☆ Why Silvergate’s post-FTX financial woes could spell trouble ahead for crypto
▼ + stars: | 2023-03-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

Further, the spillover into a traditional bank and its stock price could fuel regulators' arguments that crypto poses a systemic risk. The big problem in crypto is that to buy bitcoin, you eventually have to interact with the traditional banking system. Silvergate's crypto bet worked for the bank, particularly in bull markets. A big part of Silvergate's crypto banking efforts was the Silvergate Exchange Network, better known as SEN, a platform that institutions used to move money to crypto exchanges. Custodia is a Wyoming-chartered special purpose depository institution designed to bridge the crypto and traditional banking systems.

☆ Binance is a 'hotbed of illegal financial activity' and is hiding basic info from customers, US senators say in scathing letter to the world's biggest crypto exchange
▼ + stars: | 2023-03-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

US senators accused the world's largest crypto exchange of being "a hotbed of illegal financial activity." In a scathing letter to Binance, lawmakers requested copies of the company's balance sheets since 2017. A Binance spokesperson said the exchange will help lawmakers understand why it remains "the most trusted platform with users across the globe." The senators asked for a response by March 16 and sought more information about the relationship between Binance.com and Binance.US. Binance also has reportedly faced a slew of legal and regulatory probes from the SEC and the US Justice Department.

☆ ECB confronts a cold reality: companies are cashing in on inflation
▼ + stars: | 2023-03-02 | by ( Francesco Canepa | ) www.reuters.com time to read: +9 min

"It's clear that profit expansion has played a larger role in the European inflation story in the last six months or so," said Paul Donovan, chief economist at UBS Global Wealth Management. "The ECB has failed to justify what it's doing in the context of a more profit-focused inflation story." Instead, national accounts and earnings reports from listed companies are being used as proxies to paint the inflation picture. "The main story of the risks going forward is still that there's a looming wage-price spiral which should make the central bank even more aggressive in hiking interest rates." loadingloadingEven inside the ECB, labour representatives demanding higher pay for central bank staff have distanced themselves from what they described as the institution's "anti-worker bias".

☆ Warren Buffett slams critics of stock buybacks as economically 'illiterate'
▼ + stars: | 2023-02-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Billionaire investor Warren Buffett calls stock buyback critics economically '"illiterate". He pushed back against criticism against share repurchases his widely read letter to shareholders released Saturday. His scathing pushback on Saturday was aimed toward opponents of stock buybacks, which include high-profile critics such as fellow Democrat President Joe Biden. Biden and other Democratic lawmakers say stock buybacks benefit corporations and their executives at the cost of shareholders. As for Berkshire, it cut its share repurchases this year to $8 billion, but its cash stockpile still declined.

LONDON, Feb 17 (Reuters) - The U.S. partner of global cryptocurrency exchange Binance has confirmed that a trading firm managed by Binance CEO Changpeng Zhao operated as a market maker on its platform. It did not elaborate on when in 2021 the activity ceased, or comment on Zhao's role at the trading firm. Binance transferred over $400 million from the account at California-based Silvergate Bank to Merit Peak between January and March of 2021, Reuters reported on Thursday. Before that story's publication, Binance.US had told Reuters that "Merit Peak is neither trading nor providing any kind of services on the Binance.US platform," without giving further details. A spokesperson for the global Binance exchange, which did not respond to Reuters' questions for the story on Thursday, told crypto news outlet CoinDesk that the transfers were "a Binance.US issue."

☆ Binance reportedly had secret access to its US arm's bank account
▼ + stars: | 2023-02-17 | by ( ) edition.cnn.com time to read: +5 min

The US partner of global cryptocurrency exchange Binance has confirmed that a trading firm managed by Binance CEO Changpeng Zhao operated as a market maker on its platform. It did not elaborate on when in 2021 the activity ceased, or comment on Zhao’s role at the trading firm. A spokesperson for Binance.US referred CNN to its Thursday tweet, emphasizing the line that reads: “ONLY Binance.US employees have access to Binance.US bank accounts. Before that story’s publication, Binance.US had told Reuters that “Merit Peak is neither trading nor providing any kind of services on the Binance.US platform,” without giving further details. Adobe StockBinance.US’s executives were concerned by the outflows from the Silvergate account to Merit Peak because the transfers were taking place without their knowledge, according to the messages reviewed by Reuters.

☆ Five key economic points in Biden's 2023 State of the Union address to Congress
▼ + stars: | 2023-02-08 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

President Joe Biden delivers the State of the Union address to a joint session of Congress at the U.S. Capitol, Tuesday, Feb. 7, 2023, in Washington, as Vice President Kamala Harris and House Speaker Kevin McCarthy of Calif., applaud. President Joe Biden delivered his second State of the Union address to Congress on Tuesday night, marking the halfway point of his tenure. In Tuesday's State of the Union address, Biden called on Congress to "finish the job." War on 'junk fees'Biden continued his crusade against unnecessary "junk fees" from banks, airlines, cable companies and other industries which add surprise costs to consumer bills. Congress banned excessive fees in 2009, but the Federal Reserve Board of Governors issued actions to circumvent the law.

Jan 26 (Reuters) - U.S. Democratic Senators Elizabeth Warren and Ron Wyden are calling on the country's accounting watchdog to increase oversight of firms that audit cryptocurrency companies in the wake of the collapse of crypto exchange FTX. “When PCAOB-registered auditors perform sham audits – even for firms that may lay outside of the PCAOB’s jurisdiction – they tarnish the credibility of the PCAOB," Warren and Wyden wrote. A PCAOB spokesperson confirmed the board had received the letter and said it would respond to the lawmakers directly. Bankman-Fried has previously acknowledged risk-management failures at FTX but has said he does not believe he has criminal liability. Reporting by Hannah Lang and Douglas Gillison in Washington; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Silvergate slashes 40% of staff in the wake of a run on the crypto bank that forced it to sell assets at a loss to cover $8.1 billion in withdrawals
▼ + stars: | 2023-01-05 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Silvergate cut 40% of its staff as the crypto-focused bank reels from FTX's implosion. The collapse of FTX in particular sparked a run that forced the crypto-focused bank to cover $8.1 billion worth of customer withdrawals in late 2022. To meet the spike in withdrawals, Silvergate has had to sell assets at significant losses, liquidating debt the firm was holding on its balance sheet. The firm added that it has $4.6 billion in cash and cash equivalent, which Silvergate says exceeds its deposits. "Silvergate appears to be at the center of the improper transfer of billions in FTX customer funds.

☆ US senators have unveiled a new bipartisan bill to crack down on crypto money laundering
▼ + stars: | 2022-12-14 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

US Senators are cracking down on money laundering via cryptocurrency in a new bill on Wednesday. Senators Elizabeth Warren and Roger Marshall proposed the bill titled "Digital Asset Anti-Money Laundering Act of 2022." The bill, titled "Digital Asset Anti-Money Laundering Act of 2022," could amp up know-your-customer (KYC) requirements in an effort to deter bad actors in the nascent space. If it becomes a law, wallet providers, cryptocurrency miners, validators, and mixers could be classified as money service businesses. Warren, who has been a long-time outspoken critic of digital assets, says that she wants the industry to comply with the same money laundering rules as traditional financial institutions.

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