United States House of Representatives congressman Roger Williams, who represents the 25th district of Texas, has called for more regulatory controls to further monitor cryptocurrencies.
According to the Congressional Records released by Congress.gov today, Williams says that tougher regulations are required to ensure that digital currencies do not aid crime and terrorist activities.
Specifically, the Texas congressman has suggested that cryptocurrencies be subjected to the same anti-money laundering (“AML”) and know-your-customer (“KYC”) regulations currently in place for financial institutions.
Williams’ comments were added as an addendum to the Subcommittee hearing entitled “Virtual Currency: Financial Innovation and National Security Implications” held on July 8th.
“At this time, virtually all the world’s digital currencies are not compliant with the critical AML/KYC standards we expect of our other institutions,” Williams said in his statement. “Some in the digital currency world argue that digital finance requires a relaxation of these standards. This is absolutely incorrect.”
Two U.S. senators have also introduced legislation that, if passed, would classify digital currencies as a monetary instrument. This would further clarify how regulatory framework is shaped in the future to oversee a growing number of new digital currencies entering the marketplace.