A new US Senate bill would tighten anti-money laundering rules for digital assets, including expanding the scope of KYC rules

According to BlockBeats, on December 15, US Senators Elizabeth Warren and Elizabeth Warren jointly released a bill to tighten US anti-money laundering rules on digital assets. The bill would extend KYC rules to wallet providers, miners, validators and other network participants. It would also prohibit financial institutions from using or interacting with transactional coin-mixing apps. It also wants the Treasury Department to create an exam similar to the one bank regulators administer to banks. And require banks and money services businesses to report and keep records of counterparties and transactions involving unmanaged digital asset wallets, or wallets held in jurisdictions that do not comply with US anti-money laundering rules. The bill also includes information filing requirements for offshore digital asset transactions of $10,000 or more, and requires cryptocurrency ATMs in the United States to verify the identity of their customers and regularly provide federal authorities with the location and number of machines they own. The bill is unlikely to be passed before the current session ends in early January, but could help further apply anti-money laundering laws to digital assets and push regulators to finalize the rules.