If the Digital Asset Anti-Money Laundering Act were to become law, many cryptocurrency providers would have to learn to comply with the same regulations as traditional financial institutions.
Actual bipartisan legislative efforts are rare in Washington, DC these days, but Democratic Senators Elizabeth Warren and Joe Manchin and Republican Senators Lindsey Graham and Roger Marshall have managed to come together to co-sponsor a bill focused on cryptocrimes.
According to the senators, the Digital Asset Anti-Money Laundering Act of 2023 aims to close loopholes in the country’s anti-money laundering rules. The bill would amend the Bank Secrecy Act and designate a wide range of digital asset providers as financial institutions.
The Bank Secrecy Act establishes program, recordkeeping, and reporting requirements for domestic banks, federal savings associations, federal branches, and agencies of foreign banks. Digital asset providers would be required to comply with many of the same regulations as traditional banks.
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