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US Senators Warren, Marshall Introduce Digital Assets Anti-Money Laundering Bill
The proposal will bring know-your-customer rules to crypto participants such as wallet providers and miners.
Updated Dec 14, 2022, 7:44 p.m. Published Dec 14, 2022, 2:55 p.m.
U.S. Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) are introducing a bill to crack down on money laundering and financing of terrorists and rogue nations via cryptocurrency.
If it becomes law, the Digital Asset Anti-Money Laundering Act will bring know-your-customer (KYC) rules to crypto participants such as wallet providers and miners and prohibit financial institutions from transacting with digital asset mixers, which are tools designed to obscure the origin of funds.
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The act would also allow the Financial Crimes Enforcement Network (FinCEN) to implement a proposed rule requiring institutions to report certain transactions involving unhosted wallets – wallets where the user has complete control over the contents rather than relying on an exchange or other third party.
Concerns over the use of crypto to facilitate money laundering and terrorist financing are frequently aired by lawmakers or regulators and are often used to highlight the need for more robust regulation of the digital asset industry.
Read more: Crypto Bank Silvergate Slides Further After Letter from US Sen. Warren
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Crypto industry insiders meet with key senators on market structure bill negotiation
Executives and lobbyists are attending a meeting today with Senator Tim Scott and others to hash out the ongoing talks over crypto's most important policy effort.
What to know:
- The crypto industry is have another meeting with U.S. Senate lawmakers who are working on the market structure bill.
- The legislation will return to negotiations in January, and this may mark the last big chance this year for industry representatives to clarify their positions in the talks.
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