Sanctions Evasion Addressed in Senate Crypto Bill
A provision included in a cryptocurrency bill the Senate passed late June 17 would require stablecoin issuers to certify annually that they have implemented anti-money laundering and sanctions compliance programs.
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The provision is intended to prevent cartels and foreign terrorists from using stablecoin to launder money, evade sanctions or finance terrorism, said Sen. Andy Kim, D-N.J., who pushed for the language. Another Kim-backed provision would authorize the Treasury Department to issue rules to detect and counter illicit financing in cryptocurrency.
The Guiding and Establishing National Innovation for U.S. Stablecoins Act, or Genius Act, now heads to the House for its consideration.