,,ii #aagth ,,congress #b;d ,session ,s4 #ebfg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #ae1 #bjbb,ms4 ,warren 7for herself and ,mr4 ,marshall7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to require the ,financial ,crimes ,enforcement ,network to issue guidance on digital assets1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,digital ,asset ,anti-,money ,laundering ,act of #bjbb4 #b4 ,definitions 7#a7 ,digital assets ,the term digital asset means an asset that is issued or transferred using distributed ledger1 blockchain technology1 or similar technology1 including but not limited to virtual currencies1 coins1 and tokens4 7#b7 ,digital asset kiosk ,the term digital asset kiosk means a stand-alone machine1 commonly referred to as a digital asset automated teller machine1 that facilitates the buying1 selling1 and exchange of virtual currencies4 7#c7 ,digital asset mixer ,the term digital asset mixer means a website1 software1 or other service designed to conceal or obfuscate the origin1 destination1 and counterparties of digital asset transactions4 7#d7 ,financial institution ,the term financial institution has the meaning given the term in section #ecab7;a7 of title #ca1 ,united ,states ,code4 7#e7 ,privacy coin ,the term privacy coin means a digital asset designed to-- 7,a7 prevent tracing through distributed ledgers2 or 7,b7 conceal or obfuscate the origin1 destination1 and counterparties of digital asset transactions4 #c4 ,digital asset rulemakings 7a7 ,money service business designation ,the ,financial ,crimes ,enforcement ,network shall promulgate a rule classifying custodial and unhosted wallet providers1 cryptocurrency miners1 validators1 or other nodes who may act to validate or secure third-party transactions1 independent network participants1 including ,,mev searchers1 and other validators with control over network protocols as money service businesses4 7b7 ,implementation of proposed rule ,not later than #abj days after the date of enactment of this ,act1 the ,financial ,crimes ,enforcement ,network shall finalize the proposed virtual currency rule 7#he ,fed4 ,reg4 #hchdj2 relating to requirements for certain transactions involving convertible virtual currency or digital assets74 7c7 ,reporting requirements ,not later than #abj days after the date of enactment of this ,act1 the ,financial ,crimes ,enforcement ,network shall promulgate a rule that requires ,united ,states persons engaged in a transaction with a value greater than #aj1jjj in digital assets through #a or more accounts outside of the ,united ,states to file a report described in section #ajaj4cej of title #ca1 ,code of ,federal ,regulations1 using the form described in that section1 in accordance with section #ecad of title #ca1 ,united ,states ,code4 7d7 ,treasury regulations ,not later than #abj days after the date of enactment of this ,act1 the ,secretary of the ,treasury shall promulgate a rule that prohibits financial institutions from-- 7#a7 handling1 using1 or transacting business with digital asset mixers1 privacy coins1 and other anonymity-enhancing technologies1 as specified by the ,secretary2 and 7#b7 handling1 using1 or transacting business with digital assets that have been anonymized by the technologies described in paragraph 7#a74 #d4 ,examination and review process 7a7 ,treasury ,not later than #b years after the date of enactment of this ,act1 the ,secretary of the ,treasury1 in consultation with the ,conference of ,state ,bank ,supervisors and ,federal ,financial ,institutions ,examination ,council1 shall establish a risk-focused examination and review process for money service businesses to assess-- 7#a7 the adequacy of antimoney laundering programs and reporting obligations under subsections 7g7 and 7h7 of section #ecah of title #ca1 ,united ,states ,code2 and 7#b7 compliance with antimoney laundering and countering the financing of terrorism requirements under subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code4 7b7 ,,sec ,not later than #b years after the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall establish a dedicated risk-focused examination and review process for entities regulated by the ,commission to assess-- 7#a7 the adequacy of antimoney laundering programs and reporting obligations under subsections 7g7 and 7h7 of section #ecah of title #ca1 ,united ,states ,code2 and 7#b7 compliance with antimoney laundering and countering the financing of terrorism requirements under subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code4 7c7 ,,cftc ,not later than #b years after the date of enactment of this ,act1 the ,commodity ,futures ,trading ,commission shall establish a dedicated risk-focused examination and review process for entities regulated by the ,commission to assess-- 7#a7 the adequacy of antimoney laundering programs and reporting obligations under subsections 7g7 and 7h7 of section #ecah of title #ca1 ,united ,states ,code2 and 7#b7 compliance with antimoney laundering and countering the financing of terrorism requirements under subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code4 #e4 ,digital asset kiosks 7a7 ,in general ,not later than #a year after the date of enactment of this ,act1 the ,financial ,crimes ,enforcement ,network shall require digital asset kiosk owners and administrators to submit and update the physical addresses of the kiosks owned or operated by the owner or administrator every #c months1 as applicable4 7b7 ,guidance ,not later than #a year after the date of enactment of this ,act1 the ,financial ,crimes ,enforcement ,network shall issue guidance requiring digital asset kiosk owners and administrators to-- 7#a7 verify the identity of each customer using a valid form of government-issued identification or other documentary method1 as determined by the ,secretary of the ,treasury2 and 7#b7 collect the name1 date of birth1 physical address1 and phone number of each counterparty to the transaction4 7c7 ,reports 7#a7 ,fin,c,e,n ,not later than #abj days after the date of enactment of this ,act1 the ,financial ,crimes ,enforcement ,network shall issue a report identifying unlicensed kiosk operators and administrators1 including identification of known unlicensed operators and estimates of the number and locations of suspected unlicensed operators1 as applicable4 7#b7 ,,dea ,not later than #a year after the date of enactment of this ,act1 the ,drug ,enforcement ,administration shall issue a report identifying recommendations to reduce drug trafficking with digital asset kiosks4 #f4 ,authorization of appropriations ,there are authorized to be appropriated to the ,secretary of the ,treasury such sums as are necessary to carry out this ,act4