Senator Warren urges Trump’s Treasury pick to consider stricter crypto regs
US Senator Elizabeth Warren has sent an open letter to Scott Bessent, Donald Trump’s nominee for Treasury Secretary, advocating for stricter regulations on digital assets. Warren questions whether the Treasury should have enhanced powers to sanction the crypto sector and suggests incorporating risk-based provisions to combat money laundering and terrorist financing. She highlights the use of cryptocurrency by bad actors for criminal activities, including financing North Korea's nuclear program and evading sanctions related to Russia's invasion of Ukraine. Warren also inquires about extending the Treasury's authority under the Bank Secrecy Act to overseas companies linked to US markets. She has called for discussions on these issues at Bessent's confirmation hearing. Warren has previously introduced legislation aimed at tightening anti-money laundering regulations for the crypto industry, which has faced criticism from industry advocates. Her letter precedes Trump's inauguration, during which he is expected to uphold pro-crypto policies.
