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The U.S. Treasury Division’s Monetary Crimes Enforcement Community (FinCEN) is getting ready to unveil new rules round cryptocurrencies, Treasury Secretary Steven Mnuchin mentioned Wednesday.
Talking throughout a listening to earlier than the Senate Finance Committee, Mnuchin mentioned FinCEN, the nation’s monetary crimes watchdog, is getting ready to roll out some “important new necessities” round cryptocurrencies, although he didn’t present any additional element.
Mnuchin’s rationalization got here in response to Senator Maggie Hassan (D-N.H.), who requested, “How will the Treasury’s proposed funds enhance in monitoring suspicious cryptocurrency transactions and prosecuting terrorists and different legal organizations financing illicit actions with cryptocurrency?”
FinCEN and the Treasury Division extra broadly are “spending a variety of time on this,” Mnuchin mentioned, and was working with a few of the U.S.’s regulators on the difficulty. He didn’t title the particular regulators however the Securities and Alternate Fee, the Commodity Futures Buying and selling Fee and the Treasury Division’s Workplace of Overseas Asset Management have all been energetic within the crypto house.
“We wish to ensure that know-how strikes ahead however, however, we wish to ensure that cryptocurrencies aren’t used for the equal of outdated Swiss secret quantity financial institution accounts,” he mentioned.
Nevertheless, Treasury does share the senator’s issues about illicit use, and “you will be seeing a variety of work popping out in a short time,” Mnuchin mentioned.
A spokesperson for FinCEN didn’t instantly return a request for remark.
FinCEN and its director, Kenneth Blanco, have been warning companies within the crypto house for months that of their view, present rules cowl most types of crypto transactions, notably anti-money laundering guidelines.
FinCEN joined its fellow monetary regulators in signing a joint assertion final autumn, noting that banking legal guidelines nonetheless apply to this nascent asset class.
CORRECTION (Feb. 12, 21:25 UTC): An earlier model of this text mentioned Senator Catherine Cortez Masto (D-Nev.) requested about FinCEN exercise round cryptocurrencies. It was truly Senator Maggie Hassan (D-N.H.).
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