Proposed U.S. Legislation May Criminalize Those Who Conceal Bitcoin

Last week on November 28 a revision was made to the U.S. bill S.1241 called “Modernizing AML Laws to Combat Money Laundering and Terrorist Financing.” During the U.S. Senate committee hearing, the bill’s words and the representatives bolstering the proposed law amended a critical definition of what a ‘financial institution’ is within the suggested statutes.