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.
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.
At a hearing before the House Financial Services Committee, witnesses critiqued FinCEN’s “Beneficial Ownership" rule.
Before the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, Treasury Under Secretary Brian E. Nelson and FinCEN Acting Director Himamauli Das reviewed efforts to combat illicit finance and strengthen the U.S. AML/CFT regime.