On Capitol Hill, Senator Elizabeth Warren (D-MA) and Senator Roger Marshall (R-KS), are pushing legislation that purports to close loopholes bad actors may exploit to launder money through crypto assets. But what the legislation – the so-called Digital Asset Anti-Money Laundering Act – actually does is further a strategy to ban crypto by treating software developers and transaction validators as financial institutions, in effect rendering crypto useless. Warren, after all, says she’s leading an “anti-crypto army.”
Money laundering, the process of filtering ill-gotten gains through the traditional financial system, is illegal. There’s some laundering of money using crypto assets, although most occurs using fiat currencies. Law enforcement has proven adept at identifying
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