Tagged: fincen

Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

Several months ago, FinCEN submitted for publication in the Federal Register its Notice of Proposed Rulemaking (NPRM) regarding certain transactions that involve virtual currency or digital assets. FinCEN or the Financial Crimes Enforcement Network is a bureau of the US Department of the Treasury that… Read More

Pushing Through the Fintech Frontier: Financial Regulators Poised to Expand Fintech and Cryptocurrency Oversight


President Joe Biden’s young administration is poised to deliver heightened – and perhaps unprecedented – regulatory scrutiny of the exploding Fintech industry.  The groundwork for a more active regulatory regime has been set over the course of the past decade.  Prior administrations harnessed existing enforcement… Read More

Coin Center Reminds that Deadline for Comments on FinCEN Rulemaking for Crypto Transactions Is End of March 2021

Peter Van Valkenburgh, the Director of Research at Coin Center, a leading non-profit entity focused on the latest policy issues facing digital currencies, notes that his organization will be using the additional time provided by FinCEN to submit another comment in “ongoing surveillance rulemaking.” Coin… Read More

FinCEN Worries that Art and Antiquities May Be Utilized by Nefarious Actors to Launder Funds

While there is a good amount of discourse regarding the risk of digital assets and the ability for bad actors to use crypto to launder money or perhaps finance illicit activities FinCEN recently indicated their attention in a more tactile direction. Earlier this week, FinCEN… Read More

Justin Mart, Ryan Yi from Coinbase take a Closer Look at Ethereum, DeFi Growth, Also Review OCC, FinCEN Developments

Digital asset exchange Coinbase recently published its Around the Block #11: “A snapshot of decentralized finance (DeFi) and two sides of the crypto regulatory spectrum” (report), which aims to cover important issues in the crypto and blockchain industry. In this latest edition, released on February… Read More

FinCEN Extends Comment Period on Digital Asset Transactions in Small Win for Crypto Industry

FinCEN has submitted for publication in the Federal Register an Extension Notice, which will extend the comment period on its Notice of Proposed Rulemaking (NPRM) regarding certain transactions involving virtual currency or digital assets. FinCEN, part of the US Department of Treasury, came under criticism… Read More

Crypto Exchange Coinbase Requests Rulemaking Pause from FinCEN following the Issuance of Biden White House Guidance to US Agencies

San Francisco-based crypto exchange Coinbase has requested a rulemaking pause from the Financial Crimes Enforcement Network (FinCEN) following the Biden White House guidance to agencies. Coinbase writes in a letter that was reportedly shared with Kenneth Blanco, Director, FinCEN on January 25, 2021, that after… Read More

New Law Increases Anti-Money Laundering Efforts Including Digital Assets

The [William M. (Mac) Thornberry] National Defense Authorization Act for Fiscal Year 2021 (HR 6395) was signed into law at the beginning of this month. While the title of the law is pretty accurate as the bulk of the legislation addresses defense issues, buried within… Read More

Grayscale Commits $1 Million to Crypto Non-Profit Advocacy Group Coin Center

Grayscale, the creators of multiple publicly traded crypto funds, has committed $1 million to Coin Center – the well-known crypto non-profit and advocacy group. Additionally, Grayscale said it would top up this amount with another $1 million in matching funds through February 2021. The matching… Read More

Dr. Janet Yellen’s Testimony Before the Senate Finance Committee: “I believe the United States must be a leader in the digital asset and financial technology areas”

Earlier this week, Dr. Janet Yellen, former Chair of the US Federal Reserve and soon to be the Secretary of the Treasury, testified at a hearing before the Senate Finance Committee in regards to her nomination. In advance of the hearing, Dr. Yellen submitted an… Read More

Twitter and Square CEO Jack Dorsey Expresses Concerns Regarding FinCEN’s Proposed Bitcoin and Crypto Regulations

Payments company Square‘s (NYSE:SQ) Jack Dorsey has expressed concerns regarding recently proposed Bitcoin (BTC) related regulations. The bitcoin regulations proposed by FinCEN give few useful powers to regulators, greatly roll back economic freedoms while pointlessly surveilling law-abiding people, and create databases of info about who… Read More

CoinFlip: “FinCEN’s proposed rulemaking would impose arbitrary and unnecessary burdens on virtual currency businesses”

FinCEN, part of the US Department of Treasury, is in the process of creating rules that will impact the digital asset ecosystem. FinCEN is seeking to address the illicit activity in the “convertible virtual currency” (CVC) sector and the “anticipated growth” of “legal tender digital… Read More

US Congress Warns Treasury on Unusually Short Timeframe Provided for Submitting Feedback on Proposed Cryptocurrency Rulemaking

Robin Mahler Weisman, Senior Policy Counsel at Coin Center, a leading non-profit entity focused on the latest policy issues facing digital currencies, notes that the US Congress had warned the Treasury regarding its “unusually short” timeline for feedback regarding its new cryptocurrency rulemaking proposal. Weisman… Read More

Kraken Appoints Crypto Exchange Pioneer Miha Grčar as its Head of Business Development, Company Comments on FinCEN’s Proposed Crypto Rules

Kraken recently announced that crypto exchange pioneer Miha Grčar has joined the US-based digital assets exchange as its Head of Business Development. Kraken’s management confirmed that they’re looking forward to working with Miha Grčar, a pioneer of the digital currency exchange sector. As mentioned in… Read More

Blockchain Firm Chainalysis and Digital Asset Exchange OKCoin Express Concerns Regarding FinCEN’s New Crypto Rules

This past Friday, the US Department of the Treasury published a Notice of Proposed Rulemaking (NPRM) to the Federal Register that may require financial institutions and cryptocurrency-related firms to submit updated reports, maintain records, and accurately verify the identity of customers in relation to transfers… Read More

Coinbase Requests that FinCEN Apply Traditional 60-Day Notice-and-Comment Period for its Proposed Rulemaking for Crypto Transactions

On December 19, 2020, the Financial Crimes Enforcement Network (FinCEN) published a 72-page notice of proposed or suggested rulemaking, titled “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets,” which could impose new and “onerous” reporting and recordkeeping requirements for virtual currency transactions,… Read More

FinCEN Rulemaking for Crypto Transactions: A “Rushed” and “Problematic” Reporting Requirement, Coin Center Research Director Says

Peter Van Valkenburgh, the Director of Research at Coin Center, a leading non-profit entity focused on the latest policy issues facing digital currencies, notes that during the past few years we’ve seen countries like Switzerland, Singapore, and the Netherlands adopt a technology-focused approach to regulating… Read More

FinCEN Proposes Rule Change for Unhosted Convertible Virtual Currency Wallets

On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) published a proposed rule change for digital currency transactions with “unhosted” wallets. Under the newly proposed change, banking institutions, and money services businesses (MSBs) may be required to verify customers’ identities and turn in reports… Read More

Only 22% of Banking Professionals and Financial Investigators Feel “Confident” Identifying Crypto related Transfers: Survey

Blockchain security firm CipherTrace reports that only 22% of banking industry professionals and financial investigators “feel confident” in their ability to accurately identify cryptocurrency -related payments. In a December 9, 2020, CipherTrace-ACFCS Webinar on “How Cryptocurrency Intelligence Tipped the Scales in 2020 Sanctions Evasion,” more… Read More

Arca Chief Legal Officer Phil Liu Comments on Crypto Regulation

  Phil Liu is Chief Legal Officer and co-founder of Arca – a regulatory compliant digital asset investment platform that is building financial products utilizing blockchain. Arca is the first firm to offer a registered fund with shares issued as a digital security. The Fund… Read More

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