"The proposed draft, authored by Sens. Thom Tillis (R-NC) and Bill Hagerty (R-TN), would require digital asset institutions to maintain robust anti-money laundering programs to ensure compliance with security measures and verify all customer information. It would also require filing Suspicious Activity Reports with the Financial Crimes Enforcement Network for any “suspicious transaction that it believes is relevant to the possible violation of any law or regulation,” beginning at $2,000. This overly broad definition extends to any crypto transactions that “serve no business or apparent lawful purpose” as determined by any crypto exchange, and they would be legally required to withhold information of this report from the customer."