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Crypto Executives, Policy Experts Urge Congress to Modernize Bank Secrecy Act as North Korea Steals $2B+ in Digital Assets

GateNews

Regulation & Policy Enforcement Actions

2026-05-22 17:27:14

According to testimony at a House Financial Services Subcommittee hearing on May 21, crypto executives and policy experts urged modernization of the Bank Secrecy Act to combat AI-enabled financial crime. TRM Labs Global Head of Policy Ari Redbord told lawmakers that North Korea stole over $2 billion in digital assets in 2025 and another $600 million in early 2026, while pig butchering networks stripped more than $35 billion from Americans last year. Redbord warned that AI-enabled scam activity surged 500% over the past year, with illicit funds moving across wallets within 24 to 48 hours, rendering "retrospective reporting frameworks structurally incapable of generating a response in time." Witnesses proposed varied reforms ranging from expanding AI-powered transaction monitoring to creating statutory safe harbors for exchanges to freeze suspect funds pending law enforcement review.

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