Contact Congress about S. 2355: Crypto-Asset National Security Enhancement and Enforcement Act of 2023

More crypto projects and crypto ATM operators would have to follow bank-style rules against dirty money and sanctions evasion. Large DeFi backers could face new reports and penalties. Crypto ATMs would need stronger ID checks and location reporting.

Modern Action explains what the legislation does, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.

Crypto-Asset National Security Enhancement and Enforcement Act of 2023 is a Senate bill in Congress.

Who this affects: This bill mainly affects large DeFi backers, people or companies that help users access digital asset protocols, and crypto ATM operators. It could also affect developers, token holders, investors, and users if Treasury decides they have enough control or value to fall under the rules. Banks and other financial firms may also see new limits on some foreign fund transfers if Treasury finds a money-laundering risk.

Why this matters: This bill matters because it would move more crypto activity into the same rule system used to fight dirty money and sanctions evasion. That could help law enforcement track risky transfers. It could also raise costs and legal risk for DeFi projects, investors, and crypto ATM operators. The real effect would depend heavily on how Treasury, the Securities and Exchange Commission, and FinCEN write the rules.

Key provisions in S. 2355

• The bill defines the main crypto terms it uses. These include digital asset, digital asset protocol, digital asset transaction facilitator, and digital asset protocol backer. A backer can be covered if it has at least $25 million invested or holds governance tokens worth at least $25 million, and Treasury can change those dollar amounts.
• Large protocol backers would have to file yearly reports with the Securities and Exchange Commission and Treasury. The reports would state the value of their governance tokens, using rules the Securities and Exchange Commission sets by regulation.
• U.S. transaction facilitators and covered protocol backers could face the same penalties as other sanctions violators. This applies when a protocol they control or back is used to break rules enforced by the Office of Foreign Assets Control, the Treasury office that runs U.S. sanctions.
• The new sanctions penalties would not apply right away. They would cover only violations that happen at least 90 days after the bill becomes law.
• The bill adds covered crypto facilitators and protocol backers to the Bank Secrecy Act as financial institutions. Once Treasury rules take effect, they would have to follow anti-money-laundering program, reporting, and recordkeeping rules.

How Modern Action helps you take action on S. 2355

You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.

Questions people ask about S. 2355

What is S. 2355?

More crypto projects and crypto ATM operators would have to follow bank-style rules against dirty money and sanctions evasion. Large DeFi backers could face new reports and penalties. Crypto ATMs would need stronger ID checks and location reporting.

How do I support or oppose S. 2355?

Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.

Who should I contact about S. 2355?

Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.

How does Modern Action help me act on S. 2355?

Modern Action gives you bill-specific context, lets you choose support, opposition, or changes, and drafts a message from your position and reasons.