Crypto-Asset National Security Enhancement and Enforcement Act of 2023
- Last Action
- 10/26/2023
Actions
- 2023-10-26Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-510.
- 2023-07-18Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S2990-2991)
- 2023-07-18Introduced in Senate
CRS Summary
As of 2023-07-18 (00)
Crypto-Asset National Security Enhancement and Enforcement Act of 2023
This bill applies sanctions compliance requirements and anti-money laundering requirements to decentralized finance services. Decentralized finance services are applications that facilitate peer-to-peer digital asset financial transactions using distributed ledger (i.e., blockchain) technology.
Specifically, the bill requires certain U.S. persons to comply with sanctions obligations if a violation of sanctions is committed through the use of a digital asset protocol. U.S. persons subject to these requirements are digital transaction facilitators and, in certain circumstances, digital asset protocol backers.
Further, digital asset transaction facilitators and digital asset protocol backers are subject to reporting requirements designed to prevent money laundering, including suspicious transaction reporting.
Finally, virtual currency kiosks (i.e., digital asset kiosks) must verify and record the identities of the counterparties to a transfer.
Cosponsors (3)
- Mike Rounds (R-SD)
- Mark Warner (D-VA)
- Mitt Romney (R-UT)
Subjects
- Advanced technology and technological innovations
- Computers and information technology
- Currency
- Digital media
- Financial services and investments
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.