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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The DOJ, OFAC, FinCEN and the CFTC settled enforcement actions against Binance, its CEO and former CCO. The coordinated settlements addressed charges against the digital asset exchange for CFTC registration failures and for violations of the Bank Secrecy Act and International Emergency Economic Powers Act sanctions programs.
FinCEN proposed new recordkeeping and reporting requirements for financial institutions that facilitate convertible virtual currency "mixing" transactions.
Nine additional Senators joined a bipartisan coalition in support of the proposed "Digital Asset Anti-Money Laundering 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.