After 50 years, the US Congress wants to revamp Bank Secrecy act

Today in crypto, the US Congress is moving to update anti–money laundering rules by raising decades-old reporting thresholds. Hong Kong joined Canada and Kazakhstan to approve a Solana Spot ETF. Tether’s USDT Stablecoin has also reportedly been used by more than 500 million users around the world.

Congress revamps Bank Secrecy act’s reporting requirements after 50 years

The Senate Banking Committee chair Tim Scott (R S.C.), along with a group of US Senators, led by Tim Scott has introduced legislation The Bank Secrecy Act (BSA) is the cornerstone of our Anti-Money Laundering Framework.

Bank Secrecy Act passed In 1970, the Federal Government enacted a law that requires banks, credit unions and other financial institutions, to assist federal authorities in detecting and preventing financial crimes including money laundering and terrorist financing. 

The proposed legislation known as STREAMLINE Act would increase the Bank Secrecy Act reporting thresholds, for the first since it was created more than 50 year ago.

The bill will increase the Currency Transaction Report threshold (CTR), from $10,000 to $30,000. It also increases the Suspicious Activity Report thresholds, from $2,000-$3,000 and $5000-$10,000. This is all done while the Treasury Department must adjust these thresholds to reflect inflation every five year.

According to current legislation, banks must submit CTRs if they make cash transactions in excess of $10,000, and SARs if the transaction is between $2,000-$5,000, depending on whether there are suspicions or proofs of criminal behavior.

Senator Pete Ricketts who is in favor of the bill said: “After more than 50 years of inflation, the Bank Secrecy Act’s reporting thresholds are badly outdated. They must be modernized.”

The new bill was also mentioned by him. “cuts red tape for banks and credit unions,” You can ensure your safety by ensuring “law enforcement still has the tools they need to do their job.”

US-based cryptocurrency exchanges such as Coinbase Kraken is also required to adhere to the Bank Secrecy Act.

Hong Kong gets first Solana ETF approval ahead of US

Hong Kong approved its first spot Solana ETFAfter Bitcoin and Ethereum, this is the third crypto ETF that the city has authorized.

The Hong Kong Securities and Futures Commission has approved the China Asset Management Hong Kong Solana ETF to be listed at the Hong Kong Stock Exchange. according According to an article by the Hong Kong Economic Times.

The product is designed to include counters in Chinese yuan as well as US dollars, allowing it to be exchanged and settled using both currencies. A trading unit is made up of 100 shares with an investment minimum of $100. The fund will debut Monday.

OSL Exchange will operate the ETF’s trading platform for virtual assets, and OSL Digital Securities is sub-custodian. ChinaAMC set the management fee at 0.99%. Custody and administrative fees are capped to 1% of sub-fund net asset value. This results in an annual estimated expense ratio of 1.99%.

ChinaAMC is well known in Hong Kong for being the launcher of Asia’s very first Bitcoin.BTCEtherETHSpot ETFs both of which are able to be purchased were approved earlier this year.

Tether’s US Dollar (USDT) reaches over 500 million users and 6.25% of the world’s population

Tether, a stablecoin pegged to the US dollar, reached its 500,000,000th user Tuesday. It offers a way for people who are excluded from traditional banking systems to save and transact.

“Likely the biggest financial inclusion achievement in history,” Tetherj CEO Paolo Ardoino wrote Posting on X.

Tether claimed that this figure was 500 millions “real people,” Not just Tether wallets (USDT), but around 6.25% percent of the global population now use its stablecoin.

The World Bank Group estimates Globally, 1.4 Billion adults do not possess a banking account. The crypto solution is one possible way to solve the issue, since anyone who has a mobile phone can install a wallet that allows them to securely store money.

The crypto currency can be beneficial to those living in nations with high-inflation or countries where money is at risk.