{"id":82340,"date":"2023-07-28T17:15:27","date_gmt":"2023-07-28T14:15:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82340"},"modified":"2025-09-12T04:24:18","modified_gmt":"2025-09-12T01:24:18","slug":"us-treasury-to-develop-aml-standards-for-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-treasury-to-develop-aml-standards-for-the-crypto-industry\/","title":{"rendered":"US Treasury to develop AML standards for the crypto industry"},"content":{"rendered":"<p>The U.S. Senate approved amendments to the NDAA that tighten oversight of crypto mixers, anonymous coins, and institutions involved in digital-asset trading. As reported by <a href=\"https:\/\/www.usatoday.com\/story\/news\/politics\/2023\/07\/27\/senate-defense-bill-clash-house-gop\/70478555007\/\"> USA Today<\/a>.<\/p>\n<p>The industry-focused provisions were authored by lawmakers from both parties: Cynthia Lummis, Elizabeth Warren, Kirsten Gillibrand and Roger Marshall.<\/p>\n<p>The senators drew on the Digital Asset Anti-Money Laundering Act, which took effect in 2022, and the Responsible Financial Innovation Act. It is aimed at preventing events such as<a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\"> the collapse of FTX<\/a>.<\/p>\n<p>The amendment would require establishing standards for due diligence in digital-asset-related activities. The initiative aims to assess risks and confirm compliance with sanctions regimes and <span data-descr=\"anti-money laundering\" class=\"old_tooltip\">AML<\/span>-legislation.<\/p>\n<p>The measure would require the Treasury to study how to curb anonymous crypto transactions, including through the use of crypto mixers such as<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-tornado-cash-mixer-and-why-was-it-sanctioned\"> Tornado Cash<\/a>.<\/p>\n<p>Earlier in 2022, <span data-descr=\"Office of Foreign Assets Control of the U.S. Treasury\" class=\"old_tooltip\">OFAC<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/tornado-cash-accused-of-facilitating-financing-for-north-koreas-nuclear-programme\">imposed sanctions<\/a> on the aforementioned service. According to the Treasury, Tornado Cash failed to implement effective anti-money-laundering controls.<\/p>\n<p>Earlier, a bipartisan group of senators<a href=\"https:\/\/u1f987.com\/en\/news\/senate-proposes-aml-rules-for-defi-services\"> introduced<\/a> a bipartisan bill proposing the introduction of DeFi<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-decentralised-finance-defi\">-protocols<\/a> with stringent anti-money-laundering measures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Senate approved amendments to the NDAA that tighten oversight of crypto mixers, anonymous coins, and institutions involved in digital-asset trading.<\/p>\n","protected":false},"author":1,"featured_media":82341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,26],"class_list":["post-82340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82340"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82340\/revisions"}],"predecessor-version":[{"id":82342,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82340\/revisions\/82342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82341"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}