U.S. Senators Elizabeth Warren (D-MA) and Roger Marshall (R-KS) introduced new legislation to regulate the cryptocurrency sector Wednesday. Their bill, titled “Digital Asset Anti-Money Laundering Act of 2022,” seeks to crack down on money laundering in the crypto industry.

Neeraj Agrawal, Coin Center’s director of communications, opined: “The new Warren bill is a disaster. It would do nothing to prevent the next FTX.” Commenting on Warren’s crypto bill, Jerry Brito, Coin Center’s executive director, tweeted:

The bipartisan Digital Asset Anti-Money Laundering Act, introduced today by Sens. Warren and Marshall, is the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen.