[NwmG]

Thank you very much for this description. I did not understand the implications or effect the change had. My question is - as a number of exchanges operating in the US (polo, kraken, GDAX) require Id's or some form of verification, what changes are really required? New AML/Compliance departments?

Also will individuals P2P transmitting cryptocurrency have to perform these same checks?

[declan]

I think there is a big difference between merely requiring IDs (which as you say may well be the case today) and being subject to thousands of pages of regulations, of which requiring IDs is only a subset. For example, a big part of those thousands of pages of regulations has to do with submitting SARs--suspicious activity reports about customer activity--to the Feds. They have a handy web interface, complete with a FAQ, for you to use to submit those reports: http://bsaefiling.fincen.treas.gov/main.html

As for individuals transmitting cryptocurrency, I haven't spent enough time with the bill and the existing part of Title 31 to be able to answer that question. I would point out, though, that other sections of the bill make existing law even more onerous than it is today.