A number of US senators have introduced new legislation aimed at combating money laundering using digital assets. According to the normative document, it is assumed that service providers will be equated to the category of financial institutions. At the same time, they undertake to report to the tax authorities about payments exceeding $10,000. Experts told our editorial staff about how this could affect the entire crypto industry.
Polygant CEO Stanislav Chernukhin stressed that the pressure from regulators on the digital asset segment in the US is growing. Indeed, Senators Elizabeth Warren and Roger Marshall introduced a bill to combat money laundering in cryptocurrencies, with Joe Manchin and Lindsey Graham being co-sponsors. It is noteworthy that the Chamber of Digital Commerce is critical of this initiative. Experts fear that this will slow down the development of innovations in the country, as well as lead to a drain of qualified personnel. According to Stanislav Chernukhin, the pressure of regulators will continue, however, the crypto-currency sector demonstrates outstanding stability.
According to the CEO of the International PR agency PRETO BUSINESS Victoria Ustimenko, any adequate regulation will only be a plus. The current bill is an attempt to take total control of the digital asset segment, which is in many ways similar to the securities market. Controlling taxation and tightening KYC rules is a positive trend. The only thing to be wary of in any jurisdiction is a total ban on digital assets and criminal prosecution of specialized service providers.
Dmitry Noskov, an expert at the StormGain crypto exchange, concluded that this bill could have a serious impact if it is passed. In part, it will be a blow to the entire crypto segment, as regulators are already exerting serious pressure. And here the problem is that against the background of the ratification of this initiative, digital currencies will lose their basic advantage – the anonymity of transactions. It is possible that against this background, cryptocurrency startups will have more motivation to leave the US jurisdiction.
XIVE Client Relations Director Vitalia Makeeva positively assesses the current situation. She stressed that the key goal of the bill is to hinder the activities of criminals as much as possible. And in the future, all countries that have taken the path of legalizing digital assets will face this. It is not worth expecting total pressure on the cryptocurrency industry against the background of the adoption of this regulatory act, since it will have legal force only in the United States.
Artur Usmanov, CEO of First Block labs, shares a similar opinion. The expert noted that the American sector is already heavily regulated. Accordingly, the new bill will not have a particularly strong impact on the digital asset segment in the United States. Now, a strong driver for growth can be the approval of applications for the creation of spot crypto funds. But even without this, the liquidity of the digital asset market is highly likely to grow next year against the backdrop of the upcoming halving.
The CEO of Business Planning Experts LLC suggests that the bill could have a significant impact on the entire cryptocurrency sector, as it will increase financial transparency. However, it is worth considering the concerns of many crypto enthusiasts who believe that the bill will jeopardize the confidentiality and security of financial data. At the same time, they by their nature do not fit into the fundamental concept of digital assets. It is now clear that the confrontation between innovation and regulation reflects the vast tensions associated with rapidly advancing financial technology.