More regulation is on the way. US Sens. Elizabeth Warren and Roger Marshall introduced a new bill that will require crypto to “follow the same money-laundering rule as every bank, every broker and Western Union all have to follow today.”
As the cryptosphere focused on the drama unfolding around FTX, United States Senators Elizabeth Warren and Roger Marshall introduced the Digital Asset Anti-Money Laundering Act of 2022 on Dec. 14. The seven-page bill would expand the classification of a money service business , prohibit financial institutions from using technology such as digital asset mixers, and regulate digital asset kiosks, otherwise known as automated teller machines, or ATMs.
Under the legislation, money service businesses, a classification created by the Financial Crimes Enforcement Network , would be “custodial and unhosted wallet providers, cryptocurrency miners, validators, or other nodes who may act to validate or secure third-party transactions, independent network participants, including MEV [maximum extractable value] searchers, and other validators with control over network protocols.
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