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Crypto Security Act: New AML Rules for DeFi and Virtual Currency Kiosks.

This legislation extends anti-money laundering (AML) and sanctions compliance rules to the decentralized finance (DeFi) sector and virtual currency ATM operators. For citizens, this means using crypto ATMs will require mandatory identity verification using a photo ID. The goal is to prevent criminals and sanctioned entities from exploiting these technologies for illicit financial activities, enhancing financial security while reducing transaction anonymity.
Key points
Mandatory identity verification (using an official photo ID) is required for all transactions conducted at virtual currency kiosks (crypto ATMs).
Major investors and entities controlling decentralized finance (DeFi) protocols are now subject to federal anti-money laundering and sanctions compliance laws.
The Treasury Secretary gains expanded authority to prohibit or condition certain international fund transfers linked to money laundering concerns.
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Expired
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Additional Information
Print number: 118_S_2355
Sponsor: Sen. Reed, Jack [D-RI]
Process start date: 2023-07-18
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Crypto-Asset National Security Enhancement and Enforcement Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2355.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-18.

What are the main provisions?

Key points include:

  • Mandatory identity verification (using an official photo ID) is required for all transactions conducted at virtual currency kiosks (crypto ATMs).
  • Major investors and entities controlling decentralized finance (DeFi) protocols are now subject to federal anti-money laundering and sanctions compliance laws.
  • The Treasury Secretary gains expanded authority to prohibit or condition certain international fund transfers linked to money laundering concerns.
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. Reed, Jack [D-RI].

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 2025-12-26.

CATEGORIES

Economy Courts and Law Security