The House Financial Services Committee, Subcommittee on Digital Assets, Financial Technology and Inclusion considered the gaps in regulatory and enforcement efforts to combat the use of crypto-currency by bad actors.
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Representative Patrick McHenry, Chair of the House Financial Services Committee, demanded a delay to the January 1, 2024 effective date for FinCEN's final rule on the reporting of beneficial ownership information.
Witnesses testified before the House Financial Services Committee on the growing use of cryptocurrencies for money laundering and other illicit finance.
Senator Cynthia M. Lummis (R-WY) and Representative French Hill (R-AR) urged the DOJ to evaluate the extent to which Binance and Tether are supporting terrorism through violations of federal law on material support to entities engaged in terrorism, applicable sanctions laws, and the Bank Secrecy Act.
Senators Elizabeth Warren (D-MA), Roger Marshall (R-KS), Joe Manchin (D-WV) and Lindsey Graham (R-SC) reintroduced the Digital Asset Anti-Money Laundering Act. The bill would bring digital assets within the AML/CFT regulatory framework.