Bitcoin Storm Brewing Over Trump’s Anti-Money Laundering Push

March 5, 2021, 7:00 AM

The Biden administration will soon have to settle a Bitcoin fight it didn’t even start, and its decision could have far-reaching implications for the virtual currency industry.

The battle concerns last-minute rules proposed by the outgoing Trump administration that would create new requirements for financial services firms to record the identities of cryptocurrency holders. The measures are meant to smother attempts to use Bitcoin and other cryptocurrencies for money laundering or to finance illegal activities. If adopted, they could cause cryptocurrency prices to plummet, according to some analysts.

Heavyweights from both K Street and Wall Street have mobilized against the ...

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