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LEGISLATION/S. 2355

Crypto-Asset National Security Enhancement and Enforcement Act of 2023

118-S-2355118th CongressIntroduced Jul 18, 2023Finance and Financial Sector
Market Probability
No market
Status
Introduced
Committee
Floor Vote
Other Chamber
Signed
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-510.

Sponsor

Sen. Reed, Jack [D-RI](D-RI)Sen. Reed, Jack [D-RI](D-RI)
3 cosponsors

Summary

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.    

Subjects

Advanced technology and technological innovationsComputers and information technologyCurrencyDigital mediaFinancial services and investments

Actions (3)

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-510.
Oct 26, 2023Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S2990-2991)
Jul 18, 2023Senate
Introduced in Senate
Jul 18, 2023Library of Congress
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