An unexpected alliance is forged as banks back the move crypto regulation
The lawmakers are worried about how digital assets are being misused. Cryptocurrencies have been linked to all sorts of illegal activities, from funding weapons programs to helping criminals evade the law. They aim to eliminate these activities by introducing measures that would extend theresponsibilities, including the Know-Your-Customer requirements, to various digital asset network participants, such as wallet providers, miners, and validators.
Furthermore, the bill plans to strengthen the enforcement of BSA compliance and mitigate the illicit finance risks of digital asset ATMs. According to reports, in 2022, illicit digital asset transactions peaked at an all-time high of $20 billion. In an unexpected twist on the political stage, the bill has attracted applause from key players in the banking world. The Bank Policy Institute and the Massachusetts Bankers Association are stepping onto the same side of the arena as
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