Discover crypto policymakers in Connecticut

Special Measures to Fight Modern Threats Act

This bill expands the special measures available to the Financial Crimes Enforcement Network (FinCEN) to combat money laundering regarding

• a jurisdiction outside of the United States;

• a financial institution operating outside of the United States;

• a class of transaction within, or involving, a jurisdiction outside of the United States; or

• one or more types of accounts.

Specifically, FinCEN may prohibit or impose conditions upon the opening or maintaining in the United States of a correspondent account or payable-through account by any domestic financial institution or domestic financial agency without requiring, as under current law, that such account be for or on behalf of a foreign banking institution.

Further, FinCEN may prohibit or impose conditions upon certain transmittals of funds to or from any domestic financial institution or domestic financial agency if such transmittal of funds involves any such jurisdiction, institution, class of transaction, or type of account.

21st Century Dollar Act

This bill requires the Department of the Treasury to establish a strategy to facilitate the position of the dollar as the primary global reserve currency.

Treasury must submit a report that includes (1) steps taken to implement this strategy, legislative recommendations, and efforts by major foreign central banks to create an official digital currency; and (2) an evaluation of the role of the renminbi (the official currency of China) in international payments and foreign exchange reserves.