{"id":12447,"date":"2024-02-16T13:29:10","date_gmt":"2024-02-16T13:29:10","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=12447"},"modified":"2024-02-16T13:29:58","modified_gmt":"2024-02-16T13:29:58","slug":"house-of-financial-services-investigating-illegal-events-in-crypto","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/house-of-financial-services-investigating-illegal-events-in-crypto\/","title":{"rendered":"House of Financial Services Investigating Illegal Events in Crypto !"},"content":{"rendered":"

Thursday’s House of Financial Congress session provided significant predictions that cryptocurrencies and money laundering will be addressed in current legislative processes.<\/p>\n

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At the meeting titled “In The Context of Crypto Crimes II: Evaluating Strategies to Combat Money Laundering<\/strong>,” Congress members discussed how malicious individuals use cryptocurrencies for money laundering.<\/p>\n

With both parties focusing on money laundering regulations and laws, Republican leaders requested a more detailed review of AML (Anti-Money Laundering) in the Financial Services Committee<\/strong>, while Democratic leaders in the Senate planned to work on a special bill against money laundering.<\/p>\n

Republican Representative French Hill from Arkansas, at the beginning of the session, proposed regulation forcing miners and validators to take more stringent measures in combating money laundering. Hill stated that miners and validators assume a similar role to internet service providers.<\/p>\n

Hill also received opinions from former Treasury official Michael Mosier while questioning whether it was logical to apply BSA<\/strong> (Bank Privacy Act)<\/strong> requirements to miners and validators.<\/p>\n

Mosier confirmed that miners and validators act like internet service providers.<\/span><\/p>\n

“So, would forcing them, a validator or a miner, to be a money services business contribute in any way to preventing the financing of terrorism in crypto use<\/strong>?” Hill asked.<\/p>\n

Mosier’s support for this suggestion and the fact that this would abolish the concept of customer emphasizes that cryptocurrency miners and validators need to act more transparently and accountable.<\/p>\n

Republican Representative Warren Davidson from Ohio, by asking authorities what tools are provided to track malicious actors using digital assets, indicates the need to strengthen control and monitoring mechanisms in this field. Davidson emphasizes the importance of local authorities understanding these tools better, expressing that this will increase their trust.<\/p>\n

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