cross-posted from:

The Digital Asset Anti-Money Laundering Act will impose know-your-customer (KYC) requirements on providers of blockchain infrastructure, including developers of decentralized networks as well as validators supporting such networks and miners.

We obtained a copy of the bill for you here.

The bill would require the Financial Crimes Enforcement Network (FinCEN) to treat miners, validators, crypto wallet providers, and other such networks as “money service businesses.” As such, they would be required to collect KYC data on participants and required to implement anti-money laundering (AML) programs.