Blockchain Association Pushes for Higher Thresholds on AML Reporting

The Digital Chamber, a blockchain and digital asset trade association, asked Senate Banking Committee leaders to advance a bill that would increase the dollar thresholds for anti-money laundering ("AML") reporting. 

In a letter to Banking Committee Chair Tim Scott and Ranking Member Elizabeth Warren, Digital Chamber CEO Cody Carbone urged the legislators to support the Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act. He explained that current thresholds—$10,000 for Currency Transaction Reports ("CTRs") and $5,000 for Suspicious Activity Reports ("SARs")—were set decades ago and no longer reflect the realities of inflation, modern payments, or blockchain transparency. Mr. Carbone warned that these outdated thresholds flood regulators with low-value filings and divert attention from higher-risk activity. He praised the bill’s proposal to raise the CTR threshold to $30,000 and the SAR threshold to $10,000, with periodic inflation adjustments. (See previous coverage.)

Mr. Carbone underscored that digital-asset technology strengthens AML oversight through immutable ledgers and advanced analytics that can enhance detection of illicit activity when paired with traditional financial controls. He commended Senators Scott and Kennedy for leading bipartisan legislation that recognizes how blockchain and digital assets have become core to the financial system.