The senator is disappointed with the Lummis-Gillibrand bill because she wanted new sanctions authority to be included in stablecoin legislation.

US Senator Elizabeth Warren remarked on Deputy Treasury Secretary Wally Adeyemo's testimony before the Senate Banking Committee on 9 April in a letter to Treasury Secretary Janet Yellen.

She continued to follow the same course of action as she had during the hearing: AML/CFT, or anti-money laundering and countering the financing of terrorism.

In the letter, Warren stated that she was in favour of lawmakers passing stronger AML/CFT regulations for stablecoins.

Adeyemo spoke at the Senate hearing on Treasury proposals to extend its sanctions authority to operators of blockchain validator nodes, among other things.

In response to weaknesses in the existing regulatory framework, the Treasury announced its strengthened enforcement goals in a record A "letter to Congress" dated November 2023 is what Warren refers to. Warren penned:

"Any legislation that Congress advances to create a new regulatory framework around the $157 billion stablecoin market must adopt those authorities."

It appears that Warren was not referring to the stablecoin measure that Senators Kirsten Gillibrand and Cynthia Lummis had proposed on April 17, which was the day following the letter's date. In the 179-page Lummis-Gillibrand law, AML/CFT is hardly mentioned at all.

Instead, it appears that Warren had in mind a bill that ranking member Maxine Waters and chair of the House of Representatives' Finance Committee, Patrick McHenry, are slated to introduce.

Warren expressed many of the same concerns in a letter to them on April 8th Yellen Warren wrote as she wrapped up her correspondence with the Treasury Secretary:

"To effectively combat that threat [of terrorism financing], stablecoin legislation... must include the full suite of AML tools that Treasury requested in its November 2023 letter to Congress."

Possibly with the Lummis-Gillibrand bill in mind, Digital Chamber Senior Policy Associate Taylor Barr made the following remark on X: "Would love Sen.

Warren's take on the new bill's increased consumer protection language, added receivership text, or the Fed/OCC's enforcement power." Her talking points deliberately exclude

all of this.