FinCEN must issue guidance and rules within three years
What the document says“Not later than 3 years after the date of enactment of this Act, the Financial Crimes Enforcement Network shall issue public guidance and notice and comment rulemaking, based on the results of the research and risk assessments required under this section”
Subsection (d). Four subjects are named: implementation of innovative methods by regulated financial institutions to detect illicit activity involving digital assets, standards for payment stablecoin issuers to identify and report illicit activity including fraud, cybercrime, money laundering, terrorist financing, sanctions evasion and insider trading, standards for issuers' systems to monitor transactions on blockchains and mixing services, and tailored risk management standards for financial institutions interacting with decentralized finance protocols.
What the document actually says“Not later than 3 years after the date of enactment of this Act, the Financial Crimes Enforcement Network shall issue public guidance and notice and comment rulemaking, based on the results of the research and risk assessments required under this section”
A Treasury unit must put out guidance within three years. It must also write rules with public comment. Both rest on the research this part calls for.
The rules cover four things. One is how firms use new tools. One is how makers report crime. One is watching services that mix coins. One is dealing with code-run finance.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.