On December 14, Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) introduced the Digital Asset Anti-Money Laundering Act of 2022 (the Act) that would extend anti-money laundering and countering of the financing of terrorism requirements to cryptocurrency and digital assets. The bill follows warnings from the Treasury Department, Department of Justice, and national security and financial crime experts that digital assets are increasingly being used for money laundering, theft and fraud schemes, terrorist financing, and other crimes.
In a press release accompanying introduction of the Act, Senator Marshall stated, “[f]ollowing the September 11, 2001 terrorist attacks, our government enacted meaningful reforms that helped the banks cut off bad actors from America’s financial system. Applying these similar policies to cryptocurrency exchanges will prevent digital assets from being abused to finance illegal activities without limiting law-abiding American citizens’ access. Our common-sense bill will make it harder for criminals to finance their criminal activities, like the trafficking of illicit fentanyl through the dark web, that can harm innocent Kansans.”
The Act seeks to:
The Act is unlikely to pass during this Congressional session but will likely be reintroduced in January.
Troutman Pepper will continue to monitor important developments involving cryptocurrency legislation and will provide further updates as they become available.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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