Well, bless my stars and garters! A gaggle of US senators, led by the ever-so-serious Senate Banking Committee Chair Tim Scott (R-S.C.), has decided to stir the pot and “modernize” the Bank Secrecy Act. 🏛️🤹♂️ You’d think after 50 years, they’d have figured out the ol’ money-laundering game by now, but nope-just now getting around to it. 🤷♂️
The Bank Secrecy Act, a relic from 1970 (when bell-bottoms were still a thing), forces banks, credit unions, and other financial bigwigs to play detective for the feds, sniffing out money laundering, terrorist financing, and other shady shenanigans. 🕵️♀️💼 But let’s be honest, it’s about as effective as a screen door on a submarine.
Enter the STREAMLINE Act, the new kid on the block, promising to raise those dusty old reporting thresholds for the first time since Nixon was in office. 🎉 The Currency Transaction Report (CTR) threshold is jumping from $10,000 to $30,000-because who doesn’t love a good inflation adjustment? 💸 And those Suspicious Activity Reports (SARs)? They’re getting a bump too, from $2,000 to $3,000 and $5,000 to $10,000. Treasury Department’s got a new chore: tweak these numbers every five years. 📈
Under the old rules, banks had to tattle on anyone moving more than $10,000 in cash and flag anything fishy between $2,000 and $5,000. 🏦🕵️♂️ But hey, progress is progress, right? Even if it’s slower than a turtle on a Sunday stroll.
Senator Pete Ricketts, bless his heart, chimed in with, “After more than 50 years of inflation, the Bank Secrecy Act’s reporting thresholds are badly outdated. They must be modernized.” 🗣️🤦♂️ Well, no kidding, Sherlock! He also claims the bill “cuts red tape for banks and credit unions,” while still giving the cops their toys. 🚔✂️
And let’s not forget the crypto crowd-Coinbase, Kraken, and their pals are still on the hook to follow these rules. 🌐🔗
Crypto Bigwigs and Lawmakers Shake Hands (Finally)
Meanwhile, in the land of fintech and crypto, industry groups are cozying up to policymakers like never before. 🤝 On Tuesday, a bunch of them penned a love letter to the US Consumer Financial Protection Bureau (CFPB), begging for an open banking rule that says, “Hey, we own our own financial data, not the banks!” 📝💳
Open banking-the bridge between old-school finance and the wild west of DeFi, crypto payments, and digital banking-is all the rage. 🌉✨ But will the CFPB bite? Stay tuned.
Over in the Senate, Democrats are schmoozing with crypto honchos from Circle, Ripple, Kraken, Coinbase, Chainlink, and more. 🗳️🤝 They’re hashing out the US market structure bill, the Senate’s answer to the House’s CLARITY Act, aiming to wrangle digital assets into a neat federal framework. 📜🔗
According to journalist Eleanor Terrett’s X post, the senators are “committed to getting a bill done.” 📰💪 But with the government shut down since Oct. 1-the third-longest shutdown in history-don’t hold your breath for a vote anytime soon. 🏛️⏳
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2025-10-23 01:08