U.S. Senators Warren, Marshall, Lummis and Gillibrand have just introduced a cryptocurrency-focused amendment, according to ConsenSys attorney Bill Hughes.
The amendment would be included in the national security legislation that must be passed.
The bill requires the U.S. Department of the Treasury, the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), among other agencies, to establish a process over the next two years.
Examine money services operations, broker-dealers, futures commission merchants, and other regulated entities to ensure their anti-money laundering programs are sufficiently robust to address risks posed by cryptoasset activity and meet reporting obligations.
The bill also shifts the responsibility for anti-money laundering regulatory reporting to crypto self-service terminal operators, requiring the U.S. Department of the Treasury to issue compliance guidance on the sanctions responsibilities of stablecoin issuers within 120 days of the bill taking effect.
As well as the liability of stablecoin issuers for user transactions that violate the sanctions regime, it also requires FinCEN to submit a report on the operation and use of crypto asset mixers and laundering protocols within one year.
Bill Hughes said it was unclear whether the amendment would eventually be accepted by lawmakers, so it remains to be seen whether it has a chance of becoming law.