U.S. Senators Introduce KYC Bill
WASHINGTON D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) submitted a bill to Congress directly targeting digital asset ownership and cryptocurrency transactions.
If passed into law, the Digital Asset Anti-Money Laundering Act will codify know-your-customer (KYC) regulations that will forbid miners and wallet providers from transacting with centralized mixers, which allow users to exchange one bitcoin for another so they can send BTC anonymously.
The act also grants the Financial Crimes Enforcement Network to implement rules for transactions from noncustodial wallets (wallets controlled solely by the owner, not dependent on an exchange or third party.)
The crackdown on cryptocurrency related money laundering comes on the heels of the demise of FTX and other problematic cryptocurrency products this year.
