The authors of the industry-oriented provisions were representatives of both parties: Cynthia Lummis, Elizabeth Warren, Kirsten Gillibrand and Roger Marshall.

The senators were guided by the Law on Combating Money Laundering in Digital Assets, which entered into force in 2022, and the Law on Responsible Financial Innovation. It is aimed at preventing events like the collapse of FTX.

The amendment will require the establishment of verification standards for digital asset-related activities. The initiative is aimed at risk assessment and confirmation of compliance with the sanctions regime and AML legislation.