Representative French Hill challenged aspects of a bill amending the Bank Secrecy Act, implying requirements be impossible to apply to crypto miners and validators.
United States Representative French Hill, chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, has challenged an aspect of Senator Elizabeth Warren’s proposed bill on digital assets.
In a Feb. 15 hearing focusing on “Crypto Crime in Context,” Representative Hill and other U.S. lawmakers questioned experts from the crypto space on making digital asset miners and validators subject to similar regulations currently applied to financial institutions. Senator Warren’s bill, the Digital Asset Anti-Money Laundering Act, proposes modifying the Bank Secrecy Act to apply new standards to crypto providers to combat the financing of terrorist organizations.
Representative Hill implied that changing the requirements for miners and validators “wouldn’t do anything” to stop terrorist organizations’ use of crypto. He did not explicitly mention the Massachusetts enator’s bill. According to Arktouros co-founder Michael Mosier, also a former acting director for the Financial Crimes Enforcement Network, the overwhelming majority of illicit financing in crypto goes through centralized exchanges.
