US crypto law at risk from laundering fears
The U.S. cryptocurrency industry is facing difficulties in passing comprehensive regulatory legislation for digital assets, despite the Senate's promise to discuss it soon. The reasons for this include concerns over money laundering and election accounts, as well as fundamental disagreements over the regulation of digital tokens and anti-money laundering restrictions, with resistance from the banking sector regarding the approval of stablecoin rewards. The voting has been postponed to mid-September, and the chances of passing the legislation before the October elections are slim. There is skepticism about the Senate's ability to pass it in the short term, jeopardizing hundreds of millions of dollars that companies have invested in supporting the legislation.
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