What is Hidden in the US Cryptocurrency Bill?

Galaxy Digital recently put forward a compelling view: the new round of crypto regulation bills being prepared in the United States may include provisions with monitoring intensity comparable to the Patriot Act.

This is not alarmist. Based on the current draft bills, the proposed financial regulatory framework involves multi-layered transaction data collection and user identity verification mechanisms. Once legislation is passed, the scope of information that exchanges and wallet service providers need to report could be significantly expanded.

It is worth noting that this regulatory trend is not unique globally. The EU, Singapore, and other regions are also advancing similar anti-money laundering and counter-terrorism financing rules. What differs is that the scope and depth of monitoring involved in the US bills are more concerning.

The actual impact on the industry will depend on the final bill language. But one thing is certain: the crypto industry needs to prepare for stricter compliance requirements.