A bill to combat money laundering through cryptocurrencies, which US Senators Elizabeth Warren and Roger Marshall are working on, is being delayed due to a lack of sponsorship.

Elizabeth Warren and Roger Marshall first introduced the bill in December. It was aimed at obliging participants in the crypto industry to comply with the KYC (“Know Your Customer”) procedure. According to the document, KYC rules will affect offline wallet providers, miners, validators and other independent network participants.

In February, Warren promised to submit a revised version of the document, but it has not yet been made public. The date when the updated version of the bill will be presented has not been announced. However, this delay will give lawmakers more time to assess the potential impact of this law on the future of the industry.

Many cryptocurrency enthusiasts criticized Warren’s proposal, calling it harsh and hindering the development of the industry. At the same time, its supporters claim that it will provide clear rules to protect consumers and prevent illegal activities using cryptocurrencies.

In March, Elizabeth Warren, being an opponent of cryptocurrencies, even called for the creation of an “anti-cryptocurrency coalition” to protect the safety of investors. However, her initiative provoked public outrage, which called Warren’s call a restriction on economic freedom.