As the cryptosphere focused on the drama unfolding around FTX, United States Senators Elizabeth Warren and Roger Marshall introduced the Digital Asset Anti-Money Laundering Act of 2022 on Dec. 14. The seven-page bill would expand the classification of a money service business , prohibit financial institutions from using technology such as digital asset mixers, and regulate digital asset kiosks, otherwise known as automated teller machines, or ATMs.
Under the legislation, money service businesses, a classification created by the Financial Crimes Enforcement Network , would be “custodial and unhosted wallet providers, cryptocurrency miners, validators, or other nodes who may act to validate or secure third-party transactions, independent network participants, including MEV [maximum extractable value] searchers, and other validators with control over network protocols.
Some real problems with this proposed legislation, especially with respect to miners and validators…let’s leave BSA/AML/KYC/Sanctions compliance to on and off ramps, many good actors already operate in compliance with MSB regulation
It is a fine bill then. I would like to invest in cryptos that are decent and honest though there are many such cryptos.
What will they do with dex, to report above $10,000!
Fk them
The bill would expand the classification of a money service business (MSB), prohibit financial institutions from using technology such as digital asset mixers, and regulate digital asset kiosks, otherwise known as automated teller machines, or ATMs.
“Unhosted wallets...including reporting transactions over $10,000 in accordance with the Bank Secrecy Act.” If you buy or sell a bored ape you would need to submit the other persons name, address and source of funds or you’re breaking the law. Penguins still legal tho
im ready to launder. get that bill through ASAP. legal laundering here we come.
Like HSBC when they laundered billions for the drug cartels? 🤔
Fed fomc dump didn't work
😬
you can contact the purefi team 👉👉👉
Warren is incredible thoughtful re: protecting consumers. In a country where liberals, conservatives, and everyone in between must have a say in how we govern ourselves, I welcome her input.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: engadget - 🏆 276. / 63 Read more »