Investing.com — A trio of US Senators will reintroduce key cryptocurrency legislation this week to prevent crypto firms from evading anti-money laundering and terror financing regulations.
In a research note, TD Securities said this legislation is broadly positive for the crypto sector as it provides political cover for lawmakers to support future stablecoin and crypto market structure legislation.
The legislation, known as the Digital Asset Anti-Money Laundering Act, mandates that crypto wallet providers and miners improve their customer identification processes. It also directs the Treasury Department’s Financial Crimes Enforcement Network (LON:) (FinCEN) to implement customer verification procedures and provide guidance to banks on handling crypto transactions, especially those involving privacy mixers that conceal user identities.
The House is expected to pass a crypto anti-money laundering bill under suspension…
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