Senate Bill Targeting Bitcoin Self-Custody Loses Support

IconCryptoNewsTerminal Staff25 Jul, 2024

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Senate Bill Targeting Bitcoin Self-Custody Loses Support

Dennis Porter, CEO of the non-profit Satoshi Action Fund, shared via his Twitter that "S.2669, the anti-Bitcoin self-custody bill in the Senate, is losing support." Introduced by anti-crypto Senator Elizabeth Warren last year, S.2669 would classify cryptocurrency wallet providers, miners, validators, and other participants in blockchains as "money transmitters," subject to regulation. It would also ban banks and other financial institutions from transacting with crypto mixers and require Americans who transact more than $10,000 worth of cryptocurrency using an offshore account to file an anti-money laundering report. The Satoshi Action Fund has been running a campaign to have Congress members sign a letter opposing the bill since December of last year. ---

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