Copy link
Increase text size
Decrease text size
Link copied

U.S. Treasury Department’s FinCEN working on new crypto regulations

Thu, 13 Feb 2020, 12:17 pm UTC

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, is working on new cryptocurrency regulations, Treasury Security Steven Mnuchin revealed during a hearing before the Senate Finance Committee, CoinDesk reported.

He said that FinCEN is drafting “significant new requirements” for cryptocurrencies, but did not go further into details.

Mnuchin added that FinCEN and the Treasury Department are “spending a lot of time on this” and are working with other regulators on the issue. He, however, did not reveal which regulators, in particular, they were working with on the new regulations.

“We want to make sure that technology moves forward but, on the other hand, we want to make sure that cryptocurrencies aren't used for the equivalent of old Swiss secret number bank accounts," Mnuchin said.

Mnuchin’s explanation was in response to a question from Senator Maggie Hassan, who asked, "How will the Treasury's proposed budget increase in monitoring suspicious cryptocurrency transactions and prosecuting terrorists and other criminal organizations financing illicit activities with cryptocurrency?"

He said the Treasury shares the senator’s concern and “you’ll be seeing a lot of work coming out very quickly.”

Last year, FinCEN director Kenneth Blanco had said that stablecoins will be included in the anti-money laundering laws with no exception.

“FinCEN applies the same technology-neutral regulatory framework to any activity that provides the same functionality at the same level or risk regardless of its label. It’s not what yo label, it’s the activity you actually do that count,” he had said.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,154.50 (+2.57%)
  • Ethereum (ETH) $280.62 (+0.63%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $412.50 (+0.26%)
  • Bitcoin SV (BSV) $305.20 (-0.01%)
  • Bitcoin (BTC) $10,154.50 (+2.57%)
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
12:17
US Presidential candidate Michael Bloomberg proposes crypto regulatory framework
11:39
IRS invites crypto firms to discuss cryptocurrencies and related issues
11:38
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:37
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:39
Banking giant Citi backs blockchain trade finance network Contour
09:47
Bank of Korea to develop blockchain-based bond management system
07:22
Northern Data, Canaan partner to cooperate on AI, blockchain and datacenter operations
06:41
Crypto Technicals: ETH/USD closes above 5-DMA, set to resume bullish momentum
06:30
Nebulous launches blockchain-powered file sharing platform ‘Skynet’
06:00
Crypto Technicals: BTC/USD consolidates previous session's spike, 'Golden Cross' keeps scope for further upside
05:03
Crypto finance firm Amber raises $28M in Series A funding
04:32
China upgrades national PPP information platform to use blockchain, AI and big data
Feb 18, 2020 (Tuesday)
13:26
Enjin’s game development platform goes live on ethereum
12:14
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:14
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:13
Boerse Stuttgart's blocknox to offer crypto custody services to institutional clients
11:12
Crypto derivatives exchange Deribit lists daily ether options
10:48
UEFA EURO 2020 tickets to be distributed using blockchain-based ticketing system
10:12
South Korean and Singaporean crypto exchanges partner to develop new services
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft