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Code · BILL · 117th Congress · H.R. 4741 (Introduced in House) — To provide for the regulation of digital assets, and for other purposes. · Sec. 402

Sec. 402. Anonymizing services, money mule, and anonymity-enhanced convertible virtual currencies

283 words·~1 min read·/bill/117/hr/4741/ih/section-402·

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Subchapter II of chapter 53 of subtitle IV of title 31, United States Code is amended by adding at the end the following: Not later than 180 days of the date of the enactment of the Digital Asset Market Structure and Investor Protection Act, the Secretary of the Treasury, acting through the Financial Crimes Enforcement Network, shall issue a rule that governs— anonymizing services; money mules; and anonymity-enhanced convertible virtual currency transactions. The purpose of the rule described in subsection
(a)shall be to ensure that anonymizing services, money mule, and anonymity-enhanced convertible virtual currencies are not used to prevent association of an individual customer with the movement of a digital asset, digital asset security, or virtual currency of which the customer is the direct or beneficial owner. The rule described in subsection
(a)shall— require any financial institution to prohibit any person from engaging in any transactions that involves digital assets or digital asset securities and— anonymizing services; money mules; or anonymity-enhanced convertible virtual currencies; prohibit any financial institution from informing persons about— the existence of anonymizing services, money mules and anonymity-enhanced convertible virtual currencies; the availability of anonymizing services, money mules and anonymity-enhanced convertible virtual currencies; or means for identifying anonymizing services, money mules and anonymity-enhanced convertible virtual currencies; and require any financial institution to establish written procedures governing the documentation of the persons and amounts associated with any transaction involving— an anonymizing service; a money mule; or anonymity-enhanced convertible virtual currencies. In this section, the term virtual currency , anonymizing service , money mule , and anonymity-enhanced convertible virtual currency have the meanings given such terms by the Secretary of the Treasury, acting through the Financial Crimes Enforcement Network. .
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