New bill “takes action” against #wallets , miners and #bitcoin ATMs
US Senator Elizabeth Warren introduced a bill that seeks to limit the alleged use of bitcoin in illicit activities.
Under the title “Transparency and Accountability Act #Criptomonedas ” (TRCA), it is intended to establish a stricter regulatory framework to supervise and control transactions of bitcoin (#BTC ) and other cryptocurrencies in the United States. This is through a new bill that was introduced today in the Senate by US legislator Elizabeth Warren.
The bill is seen by the cryptocurrency industry as dangerous as it extends the bank secrecy law in the crypto asset sector. It does this by requiring service businesses, such as custodial and non-custodial exchange wallets and bitcoin ATMs, to meet the same oversight requirements as traditional financial institutions.
Its objective is to prevent cryptocurrencies from being used to commit crimes. To do this, we start from the principle that all users of bitcoin and other cryptocurrencies must be monitored.
This includes the implementation of anti-money laundering measures, such as customer identity verification or KYC (know your customer) procedures and the reporting of suspicious transactions, which are nothing more than transactions exceeding USD 1,000.
