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Criminalize Bitcoin users? US Congress Holds Hearing to "Modernize" Anti-Money Laundering Laws Today

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The Judiciary of the US Senate will hold today a full hearing on the modernization of anti-money laundering (AML) laws for digital currencies.

Bill S1241, Modernization of the Anti-Money Laundering and Terrorist Financing Acts, is expected to be discussed at 10:00 am in the Dirksen Senate Office Building 226 at Washington DC. It will be chaired by Chuck Grassley, a senior US senator from Iowa and current chairman of the Judiciary Committee of the 115th Congress.

The section that is troubling concerns section 13, which focuses on the use of digital currencies. Interestingly, although the meeting was listed on the Senate Judiciary's web page, participants discovered that the event was only added to the court's hearing page. US Senate at 18 hours. yesterday.

In light of the anticipated hearing, several call for the removal of digital currencies from Bill S1241. According to the defense group Abolish the BitLicense, the addition of the words "digital currency" is just a way to "criminalize any amateur of intangibles", adding:

By adding "digital currency" in the text, this would essentially cause suspicion that any transaction is an illegitimate transaction. Unlike all listed instruments, digital currency is the only one that has no explanation on the legitimate use.

He adds that this opens the door to the repercussions on the market and for those who trade digital currencies such as bitcoin.

There will be two panels of witnesses, totaling seven witnesses in full hearing. Kenneth Blanco, Acting Deputy Attorney General of the Criminal Division of the United States Department of Justice; Jennifer Fowler, Assistant Deputy Secretary for Erroneous Financing and Financial Crimes at the US Treasury Department; and Kathryn Haun Rodriguez, member of the board of directors of Coinbase.

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CCN will cover these events as they unfold, with full coverage later today.

Image from Shutterstock to photo