Warren and Marshall Put Forward the Crypto Anti-Money Laundering Law. The mind. Elizabeth Warren, D-Mass., and Roger Marshall, R-Kan., are working together on stronger anti-money laundering legislation around digital assets. It is unlikely that the bill will pass before the end of this Congress in early January, but it can help to fuel the debate on how to impose more anti-money laundering laws on digital assets and push regulators to complete the law.
Meaning. Elizabeth Warren, D-Mass., and Roger Marshall, R-Kan., introduced legislation to tighten US anti-money laundering laws on digital assets.
The bill would extend know-your-customer rules to wallet providers, miners, service providers and other network members, according to a joint statement from lawmakers. It will also prohibit financial institutions from using or interacting with transaction mixers – decentralized applications that cover the source of transactions on distributed exchange networks such as Ethereum.
“Crypto companies should follow common sense rules like banks, brokers and Western Union, and this rule will make the same rules apply to similar financial transactions,” Warren said. The bipartisan legislation has a high chance of becoming law in this Congress, but it will likely be reintroduced when the next session begins in January.
The bill, which will expand the rules that are unfavorable to many cryptocurrency users and their supporters, may also accelerate the legal process that is already underway within the federal government.
The Massachusetts Democrat and the Kansas Republican want the Department of the Treasury to establish an investigation, similar to what the banking regulators do in banks, for financial services transactions, the regulation of payment services under which crypto transactions are registered.
In the United States, the Securities and Exchange Commission and the Commodity Futures Trading Commission will also want to establish their own for the companies they regulate, such as traders and digital asset exchanges. “After the terrorist attacks of September 11, 2001, our government made positive changes that helped banks reduce the number of criminals in the U.S. financial system,” Marshall said in the statement.
“Applying these similar policies to the cryptocurrency exchange will prevent in the way of digital assets that support illegal financial activities without limiting the opportunities for law-abiding US citizens.”
The two lawmakers also want the Crimes Enforcement Network to finalize legislation requiring banks and financial services businesses to report and keep records of parties and transactions involving unapproved digital wallets, or approved wallets. US law. – Money laundering laws.
The bill includes filing information requirements for digital business transactions of $10,000 or more, and a requirement that cryptocurrency ATMs in the United States verify customer identities.