Written by 4:32 pm Bitcoin

Elizabeth Warren Introduces Anti Bitcoin Bill – Bitcoin Magazine

Senators Elizabeth Warren (D-Mass) and Senator Roger Marshall (R-Kan) have introduced the “Digital Asset Anti-Money Laundering Act Of 2022,” a bill which would have sweeping impacts on the privacy of bitcoin users.

If enacted, the bill would require custodial and self-custodial wallet providers and miners to implement know-your-customer (KYC) systems. It would also prohibit financial institutions from interacting with privacy tools such as CoinJoin in an effort to limit the ability of users to maintain their privacy. While the bill focuses on such measures in order to curb money laundering, tools such as CoinJoin simply restore the users’ ability to use bitcoin in a way that more closely resembles physical cash. That is, the bank knows when a client withdraws cash at an ATM, but has limited knowledge of what any user does with it afterwards. This cash-like attribute is only realized in cryptocurrencies through tools such as CoinJoins. In addition to this, regulating bodies would be allowed to file reports and surveil users without need for a warrant or government request.

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