First in the Vault. The National Fraternal Order of Police warned the Senate that a key provision of crypto market structure legislation would “seriously hamper” law enforcement efforts to prevent money laundering, according to a letter obtained by Punchbowl News.
The Senate Banking and Judiciary committees have been locked in a stalemate since January over language that would exempt “non-controlling developers or providers” from being considered money transmitting businesses. That change is a top priority for the crypto industry, but law enforcement has become increasingly concerned about the ramifications.
“This change would strip prosecutors and law enforcement of the statutes used to track and take down criminals using these digital assets to commit crimes,” National Fraternal Order of Police President Patrick Yoes wrote. “Criminal organizations, which already rely on these types of currencies, would find it even easier to commit crimes if this provision is adopted.”
