After months of delay, two U.S. senators have reintroduced the ”Digital Asset Anti-Money Laundering Act of 2023,” which places a stronger emphasis on industry participants such as miners and validators.
If the measure passes, all cryptocurrency participants will be compelled to register transactions worth more than $10,000 USD.
Senators Elizabeth Warren, a longtime supporter of stronger sector rules, and Roger Marshall presented their crypto anti-money laundering measure, this time with cosponsors Senators Joe Manchin and Lindsey Graham.
The reintroduction comes after Warren and Marshall initially proposed it in December, mandating cryptocurrency businesses in the United States to adopt the same know-your-customer regulations as banks in order to combat money laundering.
In its opposition to the bill, the Chamber of Digital Commerce had previously stated that the idea may stifle digital asset innovation in the U.S.