CryptoLink - November 2023 Updates

Crypto remains a hot topic among lawmakers and regulators in Washington. Bipartisan efforts to address the relationship between digital assets and illicit financial activity are longstanding, and reports over the role crypto assets played in the recent financing of Hamas have bolstered the efforts of lawmakers like Sen. Elizabeth Warren (D-MA), who has been working with Sen. Roger Marshall (R-KS) on their Digital Asset Money Laundering Act. Another proposed bill, the Crypto-Asset National Security Enhancement and Enforcement Act (CANSEE), garnering even broader bipartisan support, would attempt to shoehorn decentralized finance (DeFi) services into the anti-money laundering (AML) and economic sanctions compliance obligations imposed on traditional finance companies. Still, imminent congressional action on this front remains unlikely.