New Crypto Currency Bill From US Senators!

in the USA cryptocurrency While studies on regulations are still continuing, there has been a new development in this regard.

Bitcoin (BTC) and US senators known for their negative rhetoric about cryptocurrencies Elizabeth Warren and Roger Marshall introduced a bill today to tighten money laundering rules and prevent terrorists from being financed through cryptocurrencies.

In a joint statement, the senators stated that the stricter know-your-customer (KYC) rules in their proposed bill have been expanded to cover wallet providers, cryptocurrency miners, validators, and other network participants.

Elizabeth Warren He stated the following in his statement:

“Actors such as the cryptocurrency industry, banks, brokers and Western Union should follow common sense rules.

In this context, this proposal will ensure that the same standards are applied in similar financial transactions.”

The senators said the bill would also allow the Financial Crimes Enforcement Network (FinCEN) to enforce a rule that requires institutions to report certain transactions from non-hosted wallets (i.e. wallets where users have full control over content rather than relying on an exchange or other third party).

Roger Marshall he said:

“Following the terrorist attacks of September 11, 2001, our government enacted meaningful reforms that helped banks remove bad actors from America’s financial system.

The bill will ensure that similar policies apply to cryptocurrency exchanges, while preventing the misuse of digital assets to finance illegal activities without limiting access to law-abiding American citizens.”

The senators’ latest bill requires filing of information for offshore digital asset transactions of $10,000 or more. BTC and cryptocurrency He also said it instructs its ATMs to verify customer identity and regularly provide federal authorities with the location and number of machines they own.