A significant development in U.S. cryptocurrency regulation emerged on December 15, 2022, with Senators Elizabeth Warren and Roger Marshall introducing a bill to combat crypto money laundering and terrorist financing. Known as the Digital Asset Anti-Money Laundering Act, the proposed legislation aims to implement stringent know-your-customer (KYC) rules for crypto participants, including wallet providers and miners. It also seeks to prohibit financial institutions from transacting with digital-asset mixers, which are often used to obscure the origin of funds.
In related crypto market news, Cathie Wood’s ARK Invest has continued to invest in Coinbase despite the exchange's stock hitting all-time lows. ARK Invest added $3.2 million worth of Coinbase shares to its portfolio, increasing its total holdings to 5.8 million shares. This investment comes amidst a challenging year for Coinbase's stock and the wider cryptocurrency market.
Another notable development involves PayPal integrating its crypto services with the MetaMask wallet. This partnership between PayPal and ConsenSys, the developer of MetaMask, will allow users to use their PayPal accounts to buy ether directly on the MetaMask app. This integration is expected to attract more users to the Web3 ecosystem, especially during the current 'crypto winter'.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
