Home›Crypto›Regulation›Digital Asset Market Clarity Act framed as anti-evasio…

Digital Asset Market Clarity Act framed as anti-evasion law

CoinDesk says the bill would expand Bank Secrecy Act obligations for digital asset service providers, requiring compliance programs, audits, and suspicious activity reporting.

Reported · Written up by our desk · Regulation

CoinDesk discusses criticism that the Digital Asset Market Clarity Act would function as a “ticket to sanctions evasion,” arguing instead that the bill is designed to stop sanctions evasion at scale through enforcement tools already used in the field. Ari Redbord, global head of policy at TRM Labs, says the concern should be assessed based on how public blockchain visibility can help track and disrupt illicit activity, pointing to CoinEx reporting that traced about $3.84 billion in transactions tied to Iran by linking wallets controlled by Iran’s central bank to sanctioned military networks and to funds stolen by North Korean hackers. CoinDesk also highlights that the draft would include nearly 20 provisions aimed at anti-money laundering, sanctions, and law enforcement authority. It would bring digital asset service providers fully under the Bank Secrecy Act for the first time, including required risk assessments, internal controls, a compliance officer, training, audits, and suspicious activity reporting.

type_check_note_for_reviewers: none

More like this

Sources