US authorities will control cryptocurrency transactions exceeding $ 10,000

A group of senators led by Elizabeth Warren is seeking to introduce the strictest crypto restrictions in the United States. Officials want to introduce mandatory reporting of certain cryptocurrency transactions over $ 10,000.

The junior senator from Massachusetts has long been considered an opponent of cryptocurrencies, and this is the latest attempt by the leftist politician to «break the link between crime and digital assets.» However, her efforts are supported by a coalition of politicians from across the political spectrum.

Warren, along with Senators Roger Marshall, Joe Manchin, and Lindsey Graham, reintroduced the Cryptocurrency Money Laundering Prevention Act. If passed, the bill would require industry players that conduct transactions over $ 10,000 through offshore accounts to file a Foreign Bank and Financial Account Report (FBAR) with the US Internal Revenue Service (IRS).

The bill also marks the first time that many players in the crypto industry, including wallet providers and validators, will be considered financial institutions. In addition to the new transaction reporting requirements, market players will have to report any activity that looks like money laundering or tax evasion.

The proposed draft law was presented in December 2022. Similar anti-money laundering regulations relating to classical money are already in place in the United States at the legislative level.

The new law will also expand the responsibilities of companies working with digital assets, require verification of identification data and records for self-service wallets, and strengthen compliance processes.