Cryptocurrency News: US Regulators Should ‘Maybe’ Ban Crypto + Digital Asset Anti-Money Laundering Act of 2022

Banking Committee Chair: US Regulators Should ‘Maybe’ Ban Crypto

The senator [Sherrod Brown] also pointed to numerous incidents to back up his claims, not just the recent collapse of FTX but also issues such as “the threat to national security from Korean cyber criminals to drug trafficking and human trafficking and financing of terrorism and all the things that can come out of crypto.”

Senator Elizabeth Warren unveiled a new bill governing cryptocurrencies earlier this month, dubbed the Digital Asset Anti-Money Laundering Act.

Warren’s bill would look to force crypto asset providers to offer audited financial statements and impose bank-like capital requirements more in line with what is expected of traditional financial institutions. The act would also give the SEC increased powers to regulate the asset class.

Get ready for the Digital Dollar!

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Operation Hidden Treasure Is Here. If You Have Unreported Crypto, Get Legal Advice

Yes, you read that right. Do not talk to your accountant about past compliance mistakes. You do not share the attorney-client privilege with your accountant. Your accountant may be asked to testify against you, may be forced to testify against you in court, or may be forced to share information about you with investigators. Only an attorney can have confidential communications with you that will remain protected from disclosure by the attorney-client privilege. I’ve encountered several situations in my career as a criminal and civil tax defense lawyer where the accountant was put in an extremely difficult position because the client later “confessed” to something that he or she did wrong, or – even worse – told the accountant half the truth about the problem, and half a lie. Taxpayers can’t confess crimes to their accountant and keep that secret, because the accountant isn’t able to prevent the government from compelling documents or testimony about those communications.