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New Crypto Rules: Combating Money Laundering and Fraud

This act aims to enhance the security of digital transactions and combat financial crime. It introduces new obligations for cryptocurrency businesses, which may affect how citizens buy, sell, and exchange digital assets, as well as their online privacy.
Key points
Cryptocurrency businesses, including wallet providers and miners, will be treated like traditional financial institutions, meaning more oversight and requirements.
Crypto transactions over $10,000 made outside the U.S. will need to be reported, similar to large cash transactions.
The use of tools designed to hide crypto transactions, such as mixers and certain "privacy coins," will be prohibited, potentially limiting anonymity.
Crypto ATMs will be required to collect more user and transaction data, and regularly report their physical locations.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_5267
Sponsor: Sen. Warren, Elizabeth [D-MA]
Process start date: 2022-12-15
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Digital Asset Anti-Money Laundering Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5267.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-15.

What are the main provisions?

Key points include:

  • Cryptocurrency businesses, including wallet providers and miners, will be treated like traditional financial institutions, meaning more oversight and requirements.
  • Crypto transactions over $10,000 made outside the U.S. will need to be reported, similar to large cash transactions.
  • The use of tools designed to hide crypto transactions, such as mixers and certain "privacy coins," will be prohibited, potentially limiting anonymity.
  • Crypto ATMs will be required to collect more user and transaction data, and regularly report their physical locations.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Warren, Elizabeth [D-MA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Courts and Law Security