Crypto, Banks, Policy Experts Urge Congress to Modernize Bank Secrecy Act

A House subcommittee hearing this week exposed a divide among lawmakers and industry stakeholders over how far to scale back the Bank Secrecy Act (BSA), a 1970-era anti-money laundering law, even as the Trump administration moves to expand its enforcement reach.

Crypto firms, traditional banks, and policy experts urged Congress to modernize the BSA, arguing that the current framework is outdated and fails to address the realities of digital assets. The hearing highlighted tensions between those who want to roll back regulations to foster innovation and those who fear that weakening the law could enable illicit finance. The Trump administration has taken steps to broaden the BSA's scope, including tighter reporting requirements for certain transactions, which has drawn criticism from industry groups.

For cryptocurrency traders, the outcome of this legislative debate could have significant implications. Stricter AML rules may increase compliance costs for exchanges and potentially limit liquidity, while a more tailored approach could provide regulatory clarity that attracts institutional investors. NowPrice's live crypto price charts show how market participants are reacting to policy signals in real time. Looking ahead, market participants should monitor further hearings and any draft legislation, as changes to the BSA could reshape the regulatory landscape for digital assets in the US.