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Home»Regulation»The Senate bill adds to the growing list of digital asset legislation moving through Congress
Senate bill adds to growing list of digital asset legislation moving through Congress
Regulation

The Senate bill adds to the growing list of digital asset legislation moving through Congress

2023-12-08No Comments4 Mins Read
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U.S. Senators Mitt Romney (R-UT), Mark R. Warner (D-VA), Mike Rounds (R-SD), and Jack Reed (D-RI) have proposed legislation aimed at sanctioning foreign entities that engage in financial facilitate transactions, including digital asset transactions, with U.S.-designated Foreign Terrorist Organizations (FTOs).

The bill, titled the Terrorism Financing Prevention Act, is a response to the increasing role of digital assets in financing terrorism, exemplified by Hamas’s recent attacks on Israel. It seeks to expand the Treasury Department’s resources and powers to counter emerging threats to digital assets and hold foreign financial institutions, including crypto companies, accountable for their relationships with FTOs.

The proposed legislation outlines several key measures to prevent FTOs from gaining access to U.S. financial institutions and digital asset systems. These include requiring the Treasury to identify foreign financial institutions and digital asset facilitators that have knowingly conducted significant transactions with FTOs or related parties. Once identified, sanctions would be imposed, either restricting the use of US correspondent bank accounts or banning digital asset transactions with US persons.

The legislation contains two exceptions that allow flexibility on national security issues and trade. A waiver provision allows the Secretary of the Treasury to suspend sanctions under law deemed to be in the U.S. national interest, but requires congressional notification. Furthermore, the sanctions authority excludes the import of physical goods, thereby avoiding unintended economic consequences. The exceptions allow case-specific waivers from sanctions that benefit national security and the continued physical trade of goods.

It takes a long time

Congress is actively considering several bills aimed at regulating the fast-growing cryptocurrency and digital asset market. These legislative efforts reflect a growing concern among lawmakers about the need for a comprehensive framework for regulating digital currencies and related activities.

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One of the key proposals is the Financial Innovation and Technology (FIT) for the 21st Century Act of 2023, sponsored by Representatives Glenn Thompson (R-PA) and Dusty Johnson (R-SD). This bill aims to redefine the legal boundaries for digital assets by categorizing them based on blockchain technology, distinguishing between centralized and decentralized blockchains.

The bipartisan Responsible Financial Innovation Act of 2023, known as the Lummis-Gillibrand bill, is another important initiative. Introduced by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY), it proposes to maintain the application of the Howey test to digital assets, eliminating the SEC’s and CFTC’s supervisory role in the market for digital assets are demarcated.

The Digital Asset AML Act, reintroduced by Senators Elizabeth Warren (D-MA), Roger Marshall (R-KS), Joe Manchin (D-WV), and Lindsey Graham (R-SC), aims to expand the fight anti-money laundering (AML) provisions of the Bank Secrecy Act for cryptocurrencies. This bill aims to increase transparency and prevent illegal transactions in the digital currency space.

The Financial Technology Protection Act of 2023, introduced by Senators Ted Budd and Kirsten Gillibrand, is led in the House by Representatives Zach Nunn (R-IA) and Jim Himes (D-CT). This bipartisan bill, previously passed in 2018 and 2019, establishes a group to combat terrorism and illicit financing using financial technologies, including digital assets. It focuses on strengthening anti-money laundering measures and requires annual reports from Congress on its findings and strategies to counter misuse of digital assets by foreign entities.

Finally, the Clarity for Payment Stablecoins Act of 2023, introduced by Representative Patrick McHenry (R-NC), is tailor-made to regulate the issuance of stablecoins. The bill outlines specific requirements for banks issuing stablecoins, with a focus on securing deposits, reserves and liquidity.

See also  Gensler defends extensive rule-making record in congressional grilling

These legislative efforts, coupled with the latest bill introduced on December 7, indicate a concerted effort by Congress to establish clear guidelines and oversight mechanisms for the rapidly evolving digital asset industry. However, given the number of steps remaining for each of these steps, new legislation from Congress is still a long way from becoming law.

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