Ticker: Warren takes aim at ‘crypto financing’

Bay State Sen. Elizabeth Warren took aim at cryptocurrency Tuesday in a Senate hearing where she pushed for answers about who controls money laundering on the blockchain.

“It’s not just Hamas and terrorists that are using crypto financing. North Korea, ransomware gangs, drug traffickers, distributors of child sexual abuse materials – name your bad guy and crypto is the way they can move money around,” Warren said during the Committee on Banking, Housing, and Urban Affairs hearing.

Warren warned that without the comprehensive Anti-Money Laundering (AML) protections the Treasury Department requested, any regulatory framework for stablecoins risks creating more opportunities for bad actors to use cryptocurrency as a source of funding.

Sleep apnea machine manufacturing company targeted

The company responsible for a global recall of sleep apnea machines will be barred from resuming production at U.S. facilities until it meets a number of safety requirements, under a long-awaited settlement announced Tuesday by federal officials.

Philips will be required to overhaul its manufacturing and quality control systems and hire independent experts to vet the changes, according to a court order announced by the U.S. Department of Justice. The company must also continue to replace, repair or provide refunds to all U.S. customers who got the defective devices, the department said.

The action is a major step toward resolving one of the biggest medical device recalls in history, which has dragged on for nearly three years.

 

 

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