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Lawmaker says Binance's $4.3B fine shows no need for new crypto laws, calls for more recruitment instead

Binance and its former CEO CZ have agreed to pay a $4.3 billion fine in a deal with U.S. prosecutors, which has led one lawmaker to argue that current laws are sufficient for regulating cryptocurrencies. Rep. Tom Emmer stated that the successful prosecution shows that current laws can weed out bad actors, and that Congress should focus on bringing more crypto companies to the U.S. instead of creating new laws. However, Emmer's stance may not bode well for bills currently moving through Congress, including one regarding stablecoins introduced by his colleague Rep. Patrick McHenry. Meanwhile, Sen. Elizabeth Warren has called for more government action against the crypto industry, citing Binance's alleged flaunting of anti-money laundering laws as a predictable trend.

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