Elizabeth Warren supports changes to the US Bank Secrecy Act

Elizabeth Warren, a crypto-skeptic, has taken the initiative to amend the federal Bank Secrecy Act. She believes that such changes are necessary in light of the emergence of new threats to US national interests associated with the development of the cryptocurrency industry.

Senator Elizabeth Warren announced the need to amend the Bank Secrecy Act (BSA) in order to minimize the “threats” of the crypto sector.

The last time the bill was amended was after the series of terrorist attacks on September 11, 2001. Warren said on Squawk Box that the law needs to be improved:

“What we really need to do now is update it [the law] again. A new threat has emerged, and it is cryptocurrencies. They are used to finance terrorism, drug trafficking, and North Korea's nuclear weapons development. We cannot allow this to happen."  

Also during the conversation with the host, Warren touched upon the topic of the recent meeting of the US Senate Banking Committee. Let us remember that it was attended by JPMorgan Chase CEO James Dimon, who stated the need to block the cryptocurrency sector.

On her X (formerly Twitter) page, Warren noted that she rarely agrees with the heads of large banks, but this is a different case.

The senator is known for her intolerance towards the cryptocurrency segment. She previously described herself as the army's "commander in chief" in countering the industry.