Statement on Senate Banking Committee Consideration of H.R. 3633
NAAUSA has raised concerns with the Senate Banking Committee throughout consideration of the legislation and appreciates the ongoing conversations regarding its implications for federal and state criminal enforcement.
While we understand additional changes to the bill are still being considered, the current language continues to create dangerous limitations on longstanding money transmission enforcement authorities relied upon by prosecutors to combat serious criminal activity.
Federal prosecutors and law enforcement professionals understand firsthand how illicit actors exploit gaps in financial oversight systems. These provisions could facilitate the movement of proceeds connected to fentanyl trafficking, human trafficking, terrorist financing, sanctions evasion, and other transnational criminal activity through digital asset systems operating outside established regulatory frameworks.