A bill to combat money laundering through cryptocurrencies, which U.S. Senators Elizabeth Warren and Roger Marshall are working on, has been delayed for lack of sponsorship.
Elizabeth Warren and Roger Marshall first introduced the bill in December. It was aimed at obliging participants in the crypto-industry to comply with KYC (“Know Your Customer”) procedure.
According to the document, the KYC rules will affect providers of offline wallets, miners, validators and other independent participants in the network.
Warren promised a revised version of the document in February, but it has not yet been made public. The date on which an updated version of the bill will be presented is not reported.
But the delay will give lawmakers more time to assess the potential impact of the law on the future of the industry.
Many cryptocurrency enthusiasts have criticized Warren’s proposal, calling it harsh and hindering the industry.
At the same time, its supporters argue that it will provide clear rules to protect consumers and prevent illegal actions using cryptocurrencies.
In March, Elizabeth Warren, an opponent of cryptocurrencies, called for an “anti-cryptocurrency coalition” to protect investor safety.
However, her initiative sparked public outrage, which called Warren’s call a restriction of economic freedom.