US President Joe Biden
(Picture: AP)Crypto firms came under renewed scrutiny today as the Biden administration announced a fresh set of proposals to crack down on fraudulent activity in the digital asset market.
Under the proposed framework, the US Congress could impose a legal requirement on crypto exchange platforms to report suspicious transactions to regulators, by extending rules that currently apply to banks under the Bank Secrecy Act. Fines for unlicensed money transmitting are set to increase, while those involved in crypto theft could be prosecuted in any jurisdiction in which a victim is identified.
