Lawmakers should also beef up the department’s powers under the Bank Secrecy Act (BSA), allowing for the “targeting of cryptocurrency entities and services that facilitate funding for terrorists,” the proposal said. It calls for a new category of financial institutions under the BSA that would include “cryptocurrency exchanges, Virtual Asset Service Providers (VASPs), virtual asset wallet providers, certain blockchain validator nodes and decentralized finance services,” requiring them to meet certain anti-money-laundering demands.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.coindesk.com/policy/2023/11/29/us-treasury-campaigning-for-amplified-powers-to-chase-crypto-overseas/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
- $UP
- a
- Act
- Allowing
- also
- Amplified
- and
- asset
- Bank
- bank secrecy act
- Bank Secrecy Act (BSA)
- Beef
- blockchain
- BSA
- Calls
- campaigning
- Category
- certain
- chase
- Coindesk
- crypto
- cryptocurrency
- Cryptocurrency Exchanges
- decentralized
- Decentralized Finance
- demands
- Department
- entities
- Ether (ETH)
- Exchanges
- facilitate
- finance
- financial
- Financial institutions
- For
- funding
- HTTPS
- images
- include
- institutions
- IT
- jpg
- Meet
- New
- nodes
- of
- overseas
- plato
- Plato Data Intelligence
- PlatoData
- powers
- proposal
- providers
- s
- Said
- service
- service providers
- Services
- should
- targeting
- terrorists
- that
- The
- Them
- to
- treasury
- u.s.
- U.S. Treasury
- under
- Validator
- validator nodes
- vasps
- Virtual
- virtual asset
- virtual asset service providers
- Wallet
- would
- zephyrnet