[Congressional Record Volume 170, Number 114 (Wednesday, July 10, 2024)]
[Senate]
[Page S4390]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2137. Mrs. GILLIBRAND (for herself and Ms. Lummis) submitted an 
amendment intended to be proposed by her to the bill S. 4638, to 
authorize appropriations for fiscal year 2025 for military activities 
of the Department of Defense, for military construction, and for 
defense activities of the Department of Energy, to prescribe military 
personnel strengths for such fiscal year, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. CRYPTO ASSETS.

       (a) Crypto Asset Anti-money Laundering Examination 
     Standards.--Not later than 2 years after the date of 
     enactment of this Act, the Secretary of the Treasury, in 
     consultation with the Conference of State Bank Supervisors 
     and Federal functional regulators, as defined in section 
     1010.100 of title 31, Code of Federal Regulations, shall 
     establish a risk-focused examination and review process for 
     financial institutions, as defined in that section, to assess 
     the following relating to crypto assets, as determined by the 
     Secretary:
       (1) The adequacy of reporting obligations and anti-money 
     laundering programs under subsections (g) and (h) of section 
     5318 of title 31, United States Code, respectively as applied 
     to those institutions.
       (2) Compliance of those institutions with anti-money 
     laundering and countering the financing of terrorism 
     requirements under subchapter II of chapter 53 of title 31, 
     United States Code.
       (b) Combating Anonymous Crypto Asset Transactions.--Not 
     later than 1 year after the date of enactment of this Act, 
     the Secretary of the Treasury shall submit a report and 
     provide a briefing, as determined by the Secretary, to the 
     Committee on Banking, Housing and Urban Affairs of the Senate 
     and the Committee on Financial Services of the House of 
     Representatives that assess the following issues:
       (1) Categories of anonymity-enhancing technologies or 
     services used in connection with crypto assets, such as 
     mixers and tumblers, in use as of the date on which the 
     report is submitted.
       (2) As data are available, estimates of the magnitude of 
     transactions related to the categories in paragraph (1) that 
     are believed to be connected, directly or indirectly, to 
     illicit finance, including crypto asset transaction volumes 
     associated with sanctioned entities and entities subject to 
     special measures pursuant to section 5318A of title 31, 
     United States Code, and a description of any limitations 
     applicable to the data used in such estimates.
       (3) Categories of privacy-enhancing technologies or 
     services used in connection with crypto assets in use as of 
     the date on which the report is submitted.
       (4) Legislative and regulatory approaches employed by other 
     jurisdictions relating to the technologies and services 
     described in paragraphs (1) and (3).
       (5) Recommendations for legislation or regulation relating 
     to the technologies and services described in paragraphs (1) 
     and (3).
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