The current structure of anti-money laundering and bank secrecy laws is flawed and does not adequately address the risks posed by the proliferation of digital assets, the BPI said.
The bill was recently reintroduced in Congress by Sen. Elizabeth Warren and her like-minded colleagues. The idea behind the bill: to impose strict rules to combat illegal financial flows and the sponsorship of terrorism through the crypto industry.
If the bill passes in its current version, 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, and there will be new anti-money laundering compliance rules for participants in the crypto industry.
For the first time, Senators Elizabeth Warren and Roger Marshall have introduced the
a bill to combat money laundering through cryptocurrencies for approval in December 2022. So far, however, it has not found support among lawmakers and members of the financial industry.