Senate witness explains financial scammer preference for cryptocurrency payment in fraud schemes at hearing

Massachusetts Senator Elizabeth Warren and American Bankers Association Executive Vice President Paul Benda discuss challenges posed by cryptocurrencies in facilitating scams, highlighting their operation outside the banking system, lack of regulation, and the technology allowing the mixing and hiding of transactions, as well as the creation of cold wallets enabling the transfer of large sums internationally with anonymity, a bipartisan effort by 20 Senators sponsoring the Digital Asset Anti Money Laundering Act to enhance regulations, track suspicious crypto activity, increase visibility, and effectively combat scams at a Senate Banking, Housing, and Urban Affairs Committee hearing on consumer bank fraud.