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Digital Asset Anti-Money Laundering Act of 2022

USA117th CongressS-5267| Senate 
| Updated: 12/15/2022
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (1)
Roger Marshall (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Digital Asset Anti-Money Laundering Act of 2022 This bill directs specified federal financial agencies to establish rules regarding digital assets. The Financial Crimes Enforcement Network (FinCEN) must establish a rule classifying digital asset wallet providers, cryptocurrency miners, validators, and others as money service businesses. In addition, FinCEN must require U.S. persons to report cryptocurrency transactions through foreign accounts of over $10,000. FinCEN must also require digital asset kiosk owners and administrators to submit and update every three months the physical addresses of the kiosks. The Department of the Treasury must prohibit financial institutions from handling, using, or transacting business with (1) digital asset mixers, privacy coins, and other anonymity-enhancing technologies; and (2) digital assets that have been anonymized by these technologies. Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission must establish risk examination and review processes for anti-money laundering requirements for their respective regulated entities.
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Timeline
Dec 15, 2022
Introduced in Senate
Dec 15, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • December 15, 2022
    Introduced in Senate


  • December 15, 2022
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Digital Asset Anti-Money Laundering Act of 2022

USA117th CongressS-5267| Senate 
| Updated: 12/15/2022
Digital Asset Anti-Money Laundering Act of 2022 This bill directs specified federal financial agencies to establish rules regarding digital assets. The Financial Crimes Enforcement Network (FinCEN) must establish a rule classifying digital asset wallet providers, cryptocurrency miners, validators, and others as money service businesses. In addition, FinCEN must require U.S. persons to report cryptocurrency transactions through foreign accounts of over $10,000. FinCEN must also require digital asset kiosk owners and administrators to submit and update every three months the physical addresses of the kiosks. The Department of the Treasury must prohibit financial institutions from handling, using, or transacting business with (1) digital asset mixers, privacy coins, and other anonymity-enhancing technologies; and (2) digital assets that have been anonymized by these technologies. Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission must establish risk examination and review processes for anti-money laundering requirements for their respective regulated entities.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Dec 15, 2022
Introduced in Senate
Dec 15, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • December 15, 2022
    Introduced in Senate


  • December 15, 2022
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (1)
Roger Marshall (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted