BOSTON—A draft bill that requires crypto miners to follow know-your-customer rules and other anti-money laundering procedures has not yet been reintroduced by Massachusetts Democratic Sen. Elizabeth Warren and Kansas Republican Sen. Roger Marshall because the lawmakers are searching for additional co-sponsors, according to a new report.
“Roger Marshall and I are reintroducing our anti-money laundering bill to clamp down on crypto crime and give regulators the tools they need to stop the flow of crypto to drug traffickers and places like North Korea,” Warren said about the bill earlier this year.
According to TheStreet.com, “The bill is contentious in the crypto community for its decision to mandate KYC procedures on groups that do not currently require it, namely: unhosted wallet providers, Bitcoin miners, validators, ‘or other nodes that may act to validate or secure third-party transactions, independent network participants, including maximal extractable value searchers, miner extractable value searchers, and other validators or network participants with control over network protocols’.”
Pro-crypto industry groups like the Chamber of Digital Commerce said the bill aims to stifle “innovation," The Street noted.
The bill was originally was proposed in 2022. It is expected to be reintroduced in the coming months.
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