A bill snaking its way across Capitol Hill has raised the specter of new red tape for cryptocurrency platforms as lawmakers single out the sector’s role in terrorist financing and sanctions evasion.
The Financial Technology Protection Act, which has bipartisan support, passed the House of Representatives and was sent to the Senate late last month.
It would mandate the creation of a new body to “develop legislative and regulatory proposals to improve counter-terrorist and counter-illicit financing efforts”.
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