The current structure of anti-money laundering and banking secrecy laws is imperfect and does not adequately address the risks associated with the proliferation of digital assets, BPI says.
The bill was recently reintroduced in Congress by Senator Elizabeth Warren and her associates. The idea of the project: to introduce strict rules to combat illegal financial flows and sponsorship of terrorism with the help of the crypto industry.
If the bill is adopted in its current version, then digital asset wallet providers, miners and other companies providing cryptocurrency services will be required to personalize all customers. In addition, the use of digital asset mixers like Tornado Cash will be banned, new rules will appear for checking participants in the crypto industry in terms of compliance with anti-money laundering requirements.
Senators Elizabeth Warren and Roger Marshall first submitted a bill to combat money laundering through cryptocurrencies for approval in December 2022. However, so far he has not found support among legislators and representatives of the financial industry.
Source: Bits
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