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The Week in Crypto Policy: Crypto CFT/AML Bills
With the House focused on electing a Speaker and the Senate in recess this week, this edition reviews crypto bills aimed at addressing illicit finance concerns, as they may receive increased attention in the weeks to come.
Key Insights
- The war in Israel may elevate policy proposals aimed at addressing illicit finance concerns such as combatting the financing of terrorism ("CFT").
- Crypto-related policy proposals introduced so far vary in significance, but the two bills most likely to gain traction are primarily focused on assessing the extent to which crypto may be used for illicit purposes and developing recommendations for how to mitigate related risks.
Legislative Proposals Addressing CFT/AML
Background
Earlier this week, the Wall Street Journal reported that wallets connected to the Palestinian Islamic Jihad received $93 million in cryptocurrency and Hamas received roughly $41 million in cryptocurrency from 2021 to 2023.
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.
Outline
- Key Insights
- Legislative Proposals Addressing CFT/AML
- Amendment to Senate-passed NDAA
- The Financial Technology Protection Act of 2023
- Crypto-Asset National Security Enhancement and Enforcement Act of 2023 ("CANSEE Act")
- Digital Asset Anti-Money Laundering Act of 2023 ("DAAMLA")
- Look Ahead
- Worth the Read