Elizabeth Warren Demands KYC/AML Reporting From all Physical Wallets
Washington D.C. - In her latest attempt to protect Americans from their own money, Senator Elizabeth Warren, D-Mass., has introduced legislation requiring KYC/AML reporting from all physical wallets - whether they are held in pockets or purses.
The well-known Massachusetts Senator & acclaimed author of Pow Wow Chow has expressed concern that “wallets might be used to house physical dollars that the government would not be able to track.”
In a recent speech Sen. Warren drove home her concern “think about it, in our pockets we all have these leather things we use to hold dollars, credit cards and sometimes even blockbuster cards but what are these things being used for? This is something the Treasury Department should be able to track.”
According to reporting from NBC News, which broke the story, the proposal would in part "require wallet manufacturers to include a KYC component that would track & report the name, SSN, race, contents and spending patterns of all physical wallets to the Treasury Department."
Wallet manufacturers, including Ralph Lauren and Fossil, have expressed concern that this proposal would significantly raise the price of wallets and not solve any meaningful problems.
Sen. Warren hit back at concerns expressed by companies like Ralph Lauren & Fossil noting “I’ve heard that there are some billionaires who don’t support this plan. Let me tell you it’s time for these fat cats to pitch in and put in the technology necessary to make these wallets KYC/AML compliant.”
Sen. Warren's office has not yet responded to a Daily Sybil request for comment on the specifics of her proposal or some confusing steps identified in numerous recipes of Pow Wow Chow that the author of this article has not been able to figure out.
Senator Elizabeth Warren has previously expressed her desire to regulate the physical wallet industry, most recently after learning that physical cash could be used to purchase Dave Chappelle tickets. The bill is expected to face serious scrutiny as, amongst many other issues, it would force wallet manufacturers to to include computer chips and wireless antennas in all physical wallets, effectively placing limits on free speech, privacy and common sense.
The bill calls for the Financial Crimes Enforcement Network (FinCEN) to implement the guidance which, according to the CATO institute, “is the most direct attack on the personal freedom, sanity and privacy of currency users we’ve yet seen.”
As concern regarding this bill has grown the hashtag #HandsOutMyPantsWarren has been trending on social media sites such as Twitter.