At the “Annual Oversight of Wall Street Firms” hearing before the Senate Committee on Banking, Housing, and Urban Affairs on Dec. 6, Senator Elizabeth Warren (D-MA) questioned bank CEOs about illicit financial activities involving cryptocurrencies as part of a broader effort to advance regulatory legislation. Present at the hearing were the CEOs of JPMorgan, Wells Fargo, Citigroup, Morgan Stanley, Goldman Sachs, and more.

Senator Warren used her time to direct attention to the use of cryptocurrencies for illicit finance. Warren cited estimates that $20 billion in crypto transactions last year funded criminal organizations and rogue regimes. She called for updating laws so that anti-money laundering regulations cover cryptocurrencies like traditional banking.

Cryptocurrency, she declared, “is the new way today’s terrorists bypass the Bank Secrecy Act.” She quoted alarming statistics, such as an estimated $20 billion in illicit crypto transactions last year that funded various dangerous criminal activities. She elaborated:

“Now laws clearly need to be updated, but crypto lobbyists are working overtime to block any legislation. They claim crypto is special, and it shouldn’t have to comply with the Bank Secrecy Act, even if that means letting terrorists and drug traffickers and ransomware criminals and rogue nations move billions of dollars. Totally unrestricted.”

Rather than calling for crypto bans, Sen. Warren called for barring the use of crypto by criminal organizations, terrorists, and rogue nation-states. JPMorgan CEO

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Author: Jacob Oliver

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