,,ii  #aah? ,,congress  #a/ ,session    
,s4 #bffi  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bg1 #bjbc ,ms4  
,w>r5 7= h]self1 ,mr4 ,m>%all1 ,mr4     
,man*91 & ,mr4 ,graham7 introduc$ !     
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to require 
! ,f9ancial ,crimes ,en=cem5t ,network  
to issue guidance on digital assets1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,digital ,asset    
,anti-,money ,laund]+ ,act ( #bjbc4  #b4
 ,def9itions  7#a7 ,anonymity enhanc$   
cryptocurr5cy ,! t]m anonymity enhanc$  
cryptocurr5cy means a digital asset     
conta9+ any feature t--  7,a7 prev5ts   
trac+ ?r\gh di/ribut$ l$g]s2 or  7,b7   
conceals or obfuscates ! orig91         
de/9ation1 & c\nt]p>ties ( digital asset
 transactions4  7#b7 ,digital assets ,! 
t]m digital asset means an asset t is   
issu$ or transf]r$ us+ a                
cryptographically secur$ di/ribut$ l$g]1
 block*a9 te*nology1 or any o!r simil>  

te*nology4  7#c7 ,digital assets kiosk  
,! t]m digital assets kiosk means a     
digital assets automat$ tell] ma*9e t   
facilitates ! buy+1 sell+1 & ex*ange (  
digital assets4  7#d7 ,digital assets   
mix] ,! t]m digital assets mix] means a 
website1 s(tw>e1 or o!r s]vice )        
features t conceal or obfuscate ! orig91
 de/9ation1 or c\nt]p>ties ( digital    
asset transactions4  7#e7 ,f9ancial     
in/itution ,! t]m f9ancial in/itution   
has ! mean+ giv5 ! t]m 9 section        
#ecab7;a7 ( title #ca1 ,unit$ ,/ates    
,code4  7#f7 ,money s]vices bus9ess ,!  
t]m money s]vices bus9ess has ! mean+   
giv5 ! t]m 9 section #ajaj4ajj ( title  
#ca1 ,code ( ,f$]al ,regulations4  7#g7 
,unho/$ wallet ,! t]m unho/$ wallet     
means s(tw>e or h>dw>e t facilitates !  
/orage ( public & private keys us$ to   
digitally sign & securely transact      
digital assets1 su* t ! /or$ value is ! 
prop]ty ( ! wallet own] & ! wallet own] 
has total indep5d5t control ov] ! value4
  7#h7 ,validator ,! t]m validator means

 a p]son or entity t-- 7,a7 processes & 
validates1 approves1 or v]ifies         
transactions1 or produces blocks (      
digital asset transactions to be record$
 on a cryptographically secur$ di/ribut$
 l$g] or any simil> te*nology1 z        
specifi$ by ! ,secret>y ( ! ,treasury2 &
  7,b7 may p]=m o!r su* s]vices t may   
secure a digital assets kiosk network4  
#c4 ,digital asset requirem5ts  7a7     
,digital assets p>ticipants designation 
7#a7 ,def9ition ( f9ancial in/itution   
7,a7 ,9 g5]al ,section #ecab7;a77#b7 (  
title #ca1 ,unit$ ,/ates ,code1 z am5d$ 
by section #faaj7;a77#a7 ( !            
,anti-,money ,laund]+ ,act ( #bjbj      
7division ,f ( ,public ,law #aaf-bhc71  
is am5d$--  7i7 9 subp>agraph 7,z71 by  
/rik+ or at ! end2  7ii7 by r$esignat+  
subp>agraph 7,,aa7 z subp>agraph 7,,bb72
 &  7iii7 by ins]t+ aft] subp>agraph    
7,z7 ! foll[+3  7,,aa7 ,unho/$ wallet   
provid]s1 digital asset m9]s1           
validators1 or o!r nodes t may act to   
validate or secure ?ird-p>ty            

transactions1 indep5d5t network         
p>ticipants 7includ+ maximal extractable
 value se>*]s71 m9] extractable value   
se>*]s1 o!r validators or network       
p>ticipants ) control ov] network       
protocols1 or any o!r p]son facilitat+  
or provid+ s]vices relat$ to ! ex*ange1 
sale1 cu/ody1 or l5d+ ( digital assets t
 ! ,secret>y %all prescribe by          
regulation4  4  7,b7 ,effective date ,! 
am5dm5ts made by subp>agraph 7,a7 %all  
take effect on ! day aft] ! effective   
date ( ! f9al rules issu$ by ! ,secret>y
 ( ! ,treasury pursuant to section      
#faaj7;b7 ( ! ,anti-,money ,laund]+ ,act
 ( #bjbj 7division ,f ( ,public ,law    
#aaf-bhc74  7#b7 ,regulations  7,a7 ,9  
g5]al ,n lat] ?an #ahj days aft] ! date 
( enactm5t ( ?is ,act1 ! ,secret>y ( !  
,treasury1 ?r\gh ! ,director ( !        
,f9ancial ,crimes ,en=cem5t ,network1   
%all promulgate regulations impos+      
requirem5ts "u sub*apt] ,,ii ( *apt] #ec
 ( title #ca1 ,unit$ ,/ates ,code1 on   
f9ancial in/itutions describ$ 9         

subp>agraph 7,,aa7 ( section            
#ecab7;a77#b7 ( title #ca1 ,unit$ ,/ates
 ,code1 z add$ by p>agraph 7#a77;,a7 (  
?is subsection4  7,b7 ,exemption ,!     
,secret>y ( ! ,treasury1 ?r\gh !        
,director ( ! ,f9ancial ,crimes         
,en=cem5t ,network1 %\ld consid] =      
exemption f ! regulations issu$ "u      
subp>agraph 7,a7 assets-- 7i7 issu$ or  
transf]r$ us+ a cryptographically secur$
 di/ribut$ l$g]1 block*a9 te*nology1 or 
any o!r simil> te*nology us$ solely =   
int]nal bus9ess applications2  7ii7 n   
(f]$ = sale1 trad$1 or o!rwise conv]t$  
to fiat curr5cy or ano!r digital asset2 
or  7iii7 o!rwise deem$ to pose little  
illicit f9ance risk4  7,c7 ,p]iodic     
reviews ,! ,secret>y ( ! ,treasury1     
?r\gh ! ,director ( ! ,f9ancial ,crimes 
,en=cem5t ,network1 %all p]iodic reviews
 ( ! classifications "u p>agraph 7#b74  
7b7 ,regi/ration rules ,! ,f9ancial     
,crimes ,en=cem5t ,network has !        
au?ority to subject ! entities describ$ 
9 subsection 7a7 to ! regi/ration rules 

"u section #eccj ( title #ca1 ,unit$    
,/ates ,code1 & ! =eign regi/ration     
rules "u section #ajbb4chj7;a77#b7 (    
title #ca1 ,code ( ,f$]al ,regulations4 
7c7 ,implem5tation ( propos$ rule ,n    
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,f9ancial ,crimes ,en=cem5t
 ,network %all f9alize ! propos$ virtual
 curr5cy rule 7#he ,f$4 ,reg4 #hchdj2   
relat+ to requirem5ts = c]ta9           
transactions involv+ conv]tible virtual 
curr5cy or digital assets74  7d7        
,report+ requirem5ts ,n lat] ?an #ah    
mon?s aft] ! date ( enactm5t ( ?is ,act1
 ! ,f9ancial ,crimes ,en=cem5t ,network 
%all promulgate regulations t require   
,unit$ ,/ates p]sons ) great] ?an       
#aj1jjj 9 digital assets 9 #a or m      
acc\nts outside ( ! ,unit$ ,/ates to    
file a report describ$ 9 section        
#ajaj4cej ( title #ca1 ,code ( ,f$]al   
,regulations1 us+ ! =m describ$ 9 t     
section1 9 accordance ) section #ecad ( 
title #ca1 ,unit$ ,/ates ,code4  7e7    
,treasury regulations ,n lat] ?an #ah   

mon?s aft] ! date ( enactm5t ( ?is ,act1
 ! ,secret>y ( ! ,treasury %all         
promulgate regulations t require        
f9ancial in/itutions to e/abli% controls
 to mitigate illicit f9ance risks       
associat$ )-- 7#a7 h&l+1 us+1 or        
transact+ bus9ess ) digital asset mix]s1
 anonymity enhanc$ cryptocurr5cy1 & o!r 
anonymity-enhanc+ te*nologies1 z        
specifi$ by ! ,secret>y2 &  7#b7 h&l+1  
us+1 or transact+ bus9ess ) digital     
assets t h be5 anonymiz$ by !           
te*nologies describ$ 9 p>agraph 7#a74   
#d4 ,exam9ation & review process  7a7   
,treasury ,n lat] ?an #b ye>s aft] !    
date ( enactm5t ( ?is ,act1 ! ,secret>y 
( ! ,treasury1 9 consultation ) !       
,conf]5ce ( ,/ate ,bank ,sup]visors1    
%all e/abli% a risk-focus$ exam9ation & 
review process = digital assets         
p>ticipants designat$ z f9ancial        
in/itutions & money s]vices bus9esses to
 assess--  7#a7 ! adequacy (            
antimoney-laund]+ &                     
c\nt]+-!-f9anc+-(-t]rorism programs &   

report+ obligations "u subsections 7g7 &
 7h7 ( section #ecah ( title #ca1 ,unit$
 ,/ates ,code2 &  7#b7 compliance )     
antimoney laund]+ &                     
c\nt]+-!-f9anc+-(-t]rorism requirem5ts  
"u sub*apt] ,,ii ( *apt] #ec ( title    
#ca1 ,unit$ ,/ates ,code4  7b7 ,,sec ,n 
lat] ?an #b ye>s aft] ! date ( enactm5t 
( ?is ,act1 ! ,securities & ,ex*ange    
,commission1 9 consultation ) !         
,secret>y ( ! ,treasury1 %all e/abli% a 
d$icat$ risk-focus$ exam9ation & review 
process = entities regulat$ by !        
,commission to assess-- 7#a7 ! adequacy 
( antimoney laund]+ &                   
c\nt]+-!-f9anc+-(-t]rorism programs &   
report+ obligations "u subsections 7g7 &
 7h7 ( section #ecah ( title #ca1 ,unit$
 ,/ates ,code2 &  7#b7 compliance )     
antimoney laund]+ &                     
c\nt]+-!-f9anc+-(-t]rorism requirem5ts  
"u sub*apt] ,,ii ( *apt] #ec ( title    
#ca1 ,unit$ ,/ates ,code4  7c7 ,,cftc ,n
 lat] ?an #b ye>s aft] ! date ( enactm5t
 ( ?is ,act1 ! ,commodity ,futures      

,trad+ ,commission1 9 consultation ) !  
,secret>y ( ! ,treasury1 %all e/abli% a 
d$icat$ risk-focus$ exam9ation & review 
process = entities regulat$ by !        
,commission to assess--  7#a7 ! adequacy
 ( antimoney laund]+ &                  
c\nt]+-!-f9anc+-(-t]rorism programs &   
report+ obligations "u subsections 7g7 &
 7h7 ( section #ecah ( title #ca1 ,unit$
 ,/ates ,code2 &  7#b7 compliance )     
antimoney laund]+ &                     
c\nt]+-!-f9anc+-(-t]rorism requirem5ts  
"u sub*apt] ,,ii ( *apt] #ec ( title    
#ca1 ,unit$ ,/ates ,code4  #e4 ,digital 
assets kiosks  7a7 ,9 g5]al ,n lat] ?an 
#ah mon?s aft] ! date ( enactm5t ( ?is  
,act1 ! ,f9ancial ,crimes ,en=cem5t     
,network %all require digital asset     
kiosks own]s & adm9i/rators to submit & 
update ! physical addresses ( ! kiosks  
own$ or op]at$ by ! own] or adm9i/rator 
e #ij days1 z applicable4  7b7 ,rulemak+
 ,n lat] ?an #ah mon?s aft] ! date (    
enactm5t ( ?is ,act1 ! ,f9ancial ,crimes
 ,en=cem5t ,network %all promulgate     

regulations requir+ digital asset kiosk 
own]s & adm9i/rators to--  7#a7 v]ify ! 
id5tity ( ea* cu/om] us+ a valid =m (   
gov]nm5t-issu$ id5tification or o!r     
docum5t>y me?od1 z det]m9$ by !         
,secret>y ( ! ,treasury2 &  7#b7 collect
 ! "n & physical address ( ea* c\nt]p>ty
 to ! transaction4  7c7 ,reports  7#a7  
,fin,c,e,n ,n lat] ?an #ahj days aft] ! 
date ( enactm5t ( ?is ,act1 ! ,f9ancial 
,crimes ,en=cem5t ,network %all issue a 
report on digital assets kiosk networks 
op]at+ z money s]vices bus9esses t h n  
regi/]$ ) ! ,f9ancial ,crimes ,en=cem5t 
,network 9 violation ( section #ajbb4chj
 ( title #ca1 ,code ( ,f$]al            
,regulations1 t includes-- 7,a7 e/imates
 ( ! numb] & locations ( suspect$       
unlic5s$ op]ators1 z applicable2 &  7,b7
 an assessm5t ( any additional res\rces 
! ,f9ancial ,crimes ,en=cem5t ,network  
det]m9es to be necess>y to inve/igate ! 
unlic5s$ digital asset kiosk networks4  
7#b7 ,,dea ,n lat] ?an #a ye> aft] !    
date ( enactm5t ( ?is ,act1 ! ,drug     

,en=cem5t ,adm9i/ration %all1 9         
consultation ) o!r ag5cies z            
appropriate1 issue a report id5tify+    
recomm5dations to r$uce drug traffick+ &
 money laund]+ associat$ ) digital      
assets kiosks4  #f4 ,au?orization (     
appropriations ,!re are au?oriz$ to be  
appropriat$ to ! ,secret>y ( ! ,treasury
 su* sums z are necess>y to c>ry out ?is
 ,act4