Senator Elizabeth Warren from Massachusetts focused on cryptocurrency during a Senate hearing on Tuesday. She pressed for information on who oversees money laundering on the blockchain.
Warren stated that various illegal entities, including Hamas, terrorists, North Korea, ransomware groups, drug traffickers, and distributors of child sexual abuse materials, use cryptocurrency for moving money. She emphasized the risk of creating more opportunities for illicit use of cryptocurrency if comprehensive Anti-Money Laundering (AML) protections are not enforced for stablecoins.
Warren cautioned that without the requested comprehensive Anti-Money Laundering (AML) protections from the Treasury Department, a regulatory framework for stablecoins may lead to increased opportunities for bad actors to use cryptocurrency for funding.
Sleep apnea machine manufacturing company targeted
The company responsible for a global recall of sleep apnea machines will not be allowed to resume production at U.S. facilities until it fulfills several safety requirements, as per a settlement announced by federal officials on Tuesday.
Philips will need to revamp its manufacturing and quality control systems and engage independent experts to assess the changes, according to a court order announced by the U.S. Department of Justice. The company will also be required to continue replacing, repairing, or refunding all U.S. customers who received the faulty devices, as stated by the department.
This marks a significant step towards resolving one of the largest medical device recalls in history, which has been ongoing for almost three years.
