U.S. Senators Thom Tillis and Bill Hagerty have introduced the ENFORCE Act to regulate cryptocurrency financial institutions for anti-money laundering.

The bill applies Bank Secrecy Act requirements to digital asset financial institutions and clarifies the Treasury's authority against money laundering.

A public-private task force will be established to facilitate information sharing and develop best practices in the digital asset space.

The legislation encourages maintaining digital innovation while seeking industry feedback ahead of the 2024 presidential election.

Bipartisan support exists for aligning crypto companies with existing financial regulatory standards like BSA and AML.

Deputy Treasury Secretary Wally Adeyemo advocates for enhanced powers to address and reduce cryptocurrency-related crimes.

The proposed measures include extending oversight to foreign cryptocurrency exchanges that engage in transactions with U.S. persons.