Warren and Brown push crypto money laundering bill, industry warns of overregulation risks
• Warren and Brown sponsoring bill to extend money laundering rules to crypto industry like wallet providers, miners, validators, etc.
• Chamber of Digital Commerce CEO warns bill could erase hundreds of billions in value and cede crypto leadership to China, Russia, etc.
• Bill aims to close loopholes enabling terrorists, cyber criminals, etc. to launder money via crypto.
• Chamber CEO argues bill's regulations are like making ink manufacturers track every dollar bill user.
• Warren argues bill closes loopholes allowing crypto to fund illegal weapons, attacks, evade sanctions, etc.