Senator Elizabeth Warren: Because it is used for money laundering, drug trafficking, sanctions evasion and other criminal activities, stricter regulatory measures should be taken on cryptocurrency to make it "more compliant." The circulation of cryptocurrencies in the global financial system has come under increasing scrutiny. Yesterday, Bitcoin suffered a double blow. CoinGlass data shows that after the price "waterfall" at noon yesterday, there was a large amount of liquidation by long positions in the overnight market, amounting to as much as 100 million US dollars, and the amount of cross-crypto long positions liquidation exceeded 400 million US dollars.

According to media reports, U.S. Senator Elizabeth Warren proposed a bill toCalls for stricter regulatory measures on cryptocurrencies to make them “more compliant.” Some people believe that this bill may effectively ban the circulation of cryptocurrency in the United States.

This caused Bitcoin price to quickly plummet towards the $40,000 support level.


As of 8 a.m. Beijing time on the 12th, the price of Bitcoin rebounded slightly, falling about 5.7% to $41,264 in 24 hours.

It is reported that Warren’s proposal aims to “make the digital asset ecosystem more compliant” by updating the scope of application of the Bank Secrecy Act and providing for stricter regulations.

According to the report, Warren emphasized that ""The risk of digital currency being used for criminal activities such as money laundering, drug trafficking, and sanctions evasion" believes that it must be addressed through a strict regulatory framework:

“Treasury has made it clear that we need new laws to combat the use of cryptocurrencies to launder billions for terrorist groups, rogue states, drug lords, ransomware gangs and fraudsters, evade sanctions, fund illegal weapons programs and profit from destructive cyberattacks.”

Warren said five senators have joined in supporting the bill, including three members of the Banking Committee.

According to media reports, the bill has received support from the alliance within the Banking Commission and may represent a major push for legislative regulation in the cryptocurrency field.

Some media predict that the U.S. Securities and Exchange Commission (SEC) will make a decision in January next year on whether to approve the first spot Bitcoin exchange-traded fund in the United States. If approved, the market will usher in a surge in institutional and retail demand for Bitcoin.