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The Week in Crypto Policy: Sen. Warren Letter, FinCEN Rule, and Sanctions
As policymakers key in on illicit finance concerns related to crypto, this week's newsletter reviews a letter from Senator Warren and two actions by Treasury.
Key Insights
- Senator Elizabeth Warren (D-MA) led a letter to the White House, urging the Biden Administration to crack down on crypto use by terrorists.
- 28 Senators and 76 Representatives signed on — only 2 were Republicans.
- FinCEN is proposing to require financial institutions to record and report details of transactions they "know, suspect, or have reason to suspect involve the use of [cryptocurrency] mixing."
- Treasury sanctioned 10 individuals and entities linked to financing Hamas, including a crypto exchange and its owner who are based in Gaza.
Senator Warren Leads over 100 Members in Letter to White House
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.