Crypto, Banks, Policy Experts Press Congress to Modernize Bank Secrecy Act
60-second summary
Cryptocurrency and banking experts are urging Congress to modernize the 1970-era Bank Secrecy Act, with a House subcommittee hearing revealing a divide on the extent of revisions needed. The law's expansion under Trump has sparked concerns about overregulation, while others argue for stricter anti-money laundering measures to protect the financial system's integrity, impacting the crypto industry's growth and adoption.
A House subcommittee hearing exposed a divide over how far to scale back the 1970-era anti-money laundering law as Trump expands its reach.