It also highlights that this bill does not hinder the Department of Justice’s capabilities to pursue illicit activity and money laundering crimes, which can be tackled differently.
FAQWhat does the bill clarify about the classification of money transmitting businesses?The bill amends Section 1960 to specify that entities must control currency or funds to be classified as money transmitting businesses, protecting developers who do not manage customer funds.
What assurances does the bill provide regarding law enforcement capabilities?It allows the Department of Justice to continue pursuing illicit activities and money laundering while clearly delineating the roles of developers versus those managing funds, according to congressional representatives.
