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Sen. Elizabeth Warren raised concerns about validators in cryptocurrency not being subject to the same AML laws as banks during a Senate Banking hearing. Treasury officials acknowledged the possibility of Iran being a validator in a transaction. Sen. Tim Scott criticized the demonization of digital assets, pointing out that U.S. cash transactions with Iran are unrelated to cryptocurrency.
.@SenateBanking is currently holding a hearing on "Illicit Finance, Terrorism and Sanctions Evasion". This includes the growing use of #crypto by terrorists and rogue regimes. https://t.co/8LNPtQ0mLr
🚨NEW: @SenWarren focused on validators (nodes) not being subject to the same AML laws as banks. She asked @wallyadeyemo if she sent him $1K in cryptocurrency, is it possible that Iran is the “validator” of that transaction. Adeyemo said it’s definitely possible. Warren…
.@SenatorTimScott disagrees with the assumptions of crypto as illicit activity by the Treasury Department and mentions "pallets of money(cash) going to Iran" 💪🏁 https://t.co/Dup3zRCxZU
