04/08/2024 | Press release | Distributed by Public on 04/08/2024 18:27
The legislation would ensure that centralized and consumer-facing cryptocurrency financial institutions follow Bank Secrecy Act anti-money laundering (BSA/AML) standards while also providing regulators and law enforcement with additional important tools to combat digital asset illicit finance.
"We must take action to stop bad actors who launder with cryptocurrency, however this does not provide a license for heavy-handed, regulatory-obsessed lawmakers to regulate an entire industry into oblivion," said Senator Tillis. "Congress needs to focus on right-sizing its regulatory approach to cryptocurrency, which requires building consensus among lawmakers, law enforcement, and stakeholders to protect consumers and fight illicit actors. This discussion draft represents a positive step towards right-sizing our approach to regulating cryptocurrency while preserving digital innovation, and I look forward to receiving feedback and working with my colleagues on the path forward."
The ENFORCE Act seeks to:<_o3a_p>
Read text of the discussion draft HERE.
Read a section-by-section of the discussion draft HERE.
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