TechFlow reports that ConsenSys lawyer Bill Hughes revealed on Twitter that U.S. Senators Elizabeth Warren, Cynthia Lummis, Catherine Cortez Masto, and Kirsten Gillibrand recently introduced a cryptocurrency-focused amendment. This amendment is set to be included in must-pass national security legislation. The four senators involved have notable backgrounds—two are well-known critics of cryptocurrency, while the other two are prominent supporters.
Under the amendment, agencies including the U.S. Department of the Treasury, the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury’s Financial Crimes Enforcement Network (FinCEN) would be required to establish procedures within the next two years to examine money services businesses, broker-dealers, futures commission merchants, and other regulated entities. These examinations aim to ensure their anti-money laundering (AML) programs are robust enough to address risks posed by crypto asset activities and that they fulfill reporting obligations.
Furthermore, the amendment mandates that operators of self-hosted cryptocurrency kiosks assume AML compliance and reporting responsibilities. Within 120 days of the bill taking effect, the U.S. Department of the Treasury must issue compliance guidance regarding sanctions obligations for stablecoin issuers, clarifying stablecoin issuers’ responsibility for user transactions that violate sanctions regimes. Additionally, the bill requires FinCEN to submit a report within one year on the operation and use of crypto asset mixers and tumbler protocols.
Although the amendment has been introduced, Bill Hughes noted it remains unclear whether lawmakers will accept it, and its chances of becoming law remain uncertain.
