The amendment might be incorporated into the national security laws that need to be passed.
The bill mandates that, among other organizations, the U.S. Treasury Department, the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the U.S. Treasury Department’s Monetary Crimes Enforcement Community (FinCEN) determine a course of action over the next two years.
Examine cash services operations, broker-dealers, futures fee merchants, and other regulated organizations to make sure their anti-money laundering programmed are effective enough to handle the risks posed by the use of crypto assets and to satisfy reporting requirements.
Additionally, the bill transfers responsibility for anti-money laundering regulatory reporting to operators of cryptocurrency self-service terminals, and it mandates that the U.S. Department of the Treasury issue compliance guidance on the obligations of stablecoin issuers with regard to sanctions within 120 days of the bill’s effective date.
In addition to making stablecoin issuers legally liable for specific transactions that are in violation of the sanctions regime, it also mandates that FinCEN provide a report on the operation and use of crypto asset mixers and laundering procedures within a year.
It remains to be seen whether the amendment had a chance of becoming legislation, as Invoice Hughes noted that it was questionable whether lawmakers would ultimately adopt it.