Senator Warren's amendment to make Jeffrey Epstein's bank regulatory records public was rejected again

BlockBeats News, May 14 — Democratic Senator Elizabeth Warren stated during the Senate Banking Committee hearing on the CLARITY Act that although the crypto ecosystem has been used to facilitate illegal payments, when the crypto industry was just developing, Wall Street banks were willing to provide financial services to Epstein to enable his crimes. People might think that after Epstein was convicted in 2008 for soliciting child prostitution, major banks would cut ties with him, but the reality was quite the opposite. Over the following ten years, major banks such as JPMorgan Chase, Deutsche Bank, and Bank of America earned huge fees from Epstein’s business while ignoring very obvious warning signs. It wasn’t until Epstein was re-arrested in 2019 that JPMorgan Chase finally disclosed over 4,700 transactions totaling more than one billion dollars from 1998 to 2013, including payments to Russian banks and young women.

Elizabeth Warren called on President Trump’s banking regulators to use their authority to investigate executives who helped Epstein and to hand over the information collected over the years to Congress. She proposed an amendment requiring federal banking regulators to disclose any bank review records related to Epstein and his accomplices, to reveal when banks knew about the issues, whether regulators identified problems that should have triggered warnings, and to help prevent Wall Street and corporations from funding the next Epstein.

The amendment was rejected with 11 votes in favor and 13 votes against. The Cryptocurrency Market Structure Act (the CLARITY Act) is currently being debated and voted on item by item.