Tagged: us department of treasury

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

Neobank Current Claims to be First Fintech to Receive Government Stimulus Payments, Distributes Money to Accounts

As the most recent stimulus package dealing with COVID-driven economic damage became law, funds are being distributed across the country. Earlier this evening, the US Treasury Department and the Internal Revenue Service commenced delivering the second round of Economic Impact Payments to millions of Americans… Read More

Hackers Broke Into US Department of Treasury, Emails Monitored for Months – Report

Russian hackers have apparently breached defenses at the US Department of Treasury monitoring emails for months, according to a report. Treasury was not alone, according to Reuters, the US Department of Commerce reportedly issued a statement on the breach to their systems: “We have asked… Read More

Digital Asset Insiders Comment on FSOC Report

The US Department of Treasury has published the annual FSOC report. The Financial Stability Oversight Council convenes every year to review potential systemic risks to the financial services industry. FSOC members include the top financial services regulators including the SEC, the Fed, the OCC, etc…. Read More

The US Department of Treasury FSOC Report Addresses Fintech, Digital Assets and More

The US Department of Treasury has posted the annual Financial Stability Oversight Council (FSOC) report and financial innovation is a prominent part of the document. FSOC was established by the Dodd-Frank Act and is charged with three primary purposes: To identify risks to the financial… Read More

FinCEN Targets Bitcoin Mixer with $60 Million Penalty Pertaining to Money Laundering

The Financial Crimes Enforcement Network (FinCEN) has targeted Larry Dean Harmon, of Akron, Ohio, the founder of Helix and Coin Ninja in a first enforcement action targeting a crypto mixer. In a release, FinCEN said Harmon and his operations were assessed a $60 million civil… Read More

FATF Meeting Addresses Virtual Assets, Study Continues on Crypto with Focus on Stablecoins

The Financial Action Task Force (FATF) completed a meeting this week calling on members to “tackle new threats and vulnerabilities posed by criminals during the COVID-19 crisis.” The FATF is an international policy-making and standard-setting body, headquartered in Paris, dedicated to combating money laundering and… Read More

FinCEN Director Kenneth Blanco Discusses Travel Rule for Crypto, COVID-19 is a Lure for the Bad Guys

FinCEN Director Kenneth A. Blanco delivered a speech at virtual Consensus this past week addressing several hot topics of the day – including the “Travel Rule”; the FATF requirement that virtual asset service providers (or VASPs – think crypto exchanges) maintain information on purchasers and… Read More

Lendio CEO Calls CARES Act Process to Provide Support for SMEs a “Mess”

Last week in advance of the opening up of federal subsidized programs to backstop small businesses in the US crushed by the COVID-19 pandemic, Lendio CEO Brock Blake took to Twitter to criticize the lack of coordination between the US Department of Treasury and the… Read More

US Secretary of Treasury Steven Mnuchin Convenes with Crypto Industry Leaders

Yesterday, the U.S. Treasury Department held a meeting with cryptocurrency industry leaders to discuss regulatory and supervisory challenges facing the digital asset industry. Secretary Steven Mnuchin issued the following statement: “The U.S. welcomes responsible innovation, including new technologies that may improve the efficiency of the… Read More

White House Budget Proposes Returning Secret Service to the US Department of Treasury, Cites Crypto Concerns as a Factor

This week the White House, via the Office of Management and Budget (OMB), released the proposed federal budget for 2021. According to the White House, the plan seeks to balance the budget within 15 years by proposing $4.6 trillion in deficit reduction. Debt, as a… Read More

US Treasury Department Blocks Crypto Addresses of Chinese Fentanyl “Kingpins”

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) have named several Chinese nationals, “as significant foreign narcotics traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act).” OFAC is also, “identifying Bitcoin addresses associated with these… Read More

Steve Mnuchin’s Comments on Libra: “Bullish news for the future of cryptocurrencies”

US Secretary of Treasury Steven Mnuchin held a press conference yesterday in advance of Capitol Hill hearings this week addressing concerns surrounding Facebook’s stablecoin Lira. Mnuchin cautioned the audience that Facebook, and any other crypto creator, must adhere to the high standards of KYC and… Read More

Treasury Secretary Mnuchin Holds Surprise Press Conference on US Government’s Stance on Cryptocurrencies and Facebook’s Libra

US Treasury Secretary Steven Mnuchin called a surprise press conference this afternoon in Washington DC to state that Facebook and all other providers of “digital financial services” must observe the same financial integrity regimes as banks. Mnuchin called illicit use of cryptocurrencies “a national security issue”… Read More

Consensus: US Treasury Under Secretary for Terrorism and Financial Intelligence Tells Crypto Sector to Protect National Security

The U.S. Treasury Department’s Under Secretary for Terrorism and Financial Intelligence, Sigal Mandelker, told crypto-interested attendees at the Consensus conference in New York this week that exchanges must do their “duty” and prevent terrorist and illicit use of cryptocurrencies. She began by stating that she,… Read More

FinCEN Issues Guidance on Virtual Currencies, Posts New Advisory on Threats Associated with Misuse

The Financial Crimes Enforcement Network (FinCEN) today issued guidance entitled, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (CVC). FinCEN is the enforcement branch of the US Department of Treasury. The guidance issued today does not establish any new regulatory expectations…. Read More

FinCEN Fines and Bars Independent Cryptocurrency Exchanger

The Financial Crimes Enforcement Network (FinCEN), part of the US Department of Treasury, has fined the operator of a peer-to-peer cryptocurrency trading service $35,350 USD and barred him from money-transmitting, “for willfully violating the Bank Secrecy Act’s (BSA) registration, program, and reporting requirements.” In a release… Read More

US Department of Treasury Sanctions Russian-Venezuelan Bank Evrofinance

As part of its ongoing measures against the “illegitimate regime” of Nicolas Maduro in Venezuela, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Evrofinance Mosnarbank, “a Moscow-based bank that is jointly owned by Russian and Venezuelan state-owned companies.” According… Read More

North American Securities Administrators Association Worries About Fintech and State Regulatory Relevance

Last week, the North American Securities Administrators Association (NASAA) issued their legislative agenda for the 116th Congress. Buried within their priorities were the Association’s concerns pertaining to emerging Fintech services. Fintech has the capacity to provide better services for both consumers and businesses – typically… Read More

Treasury Department “Reinvigorating” Illicit Finance Countermeasures, Including Controls on Iran and Cryptocurrencies

US Department of the Treasury Under Secretary, Sigal Mandelker, told attendees of the Financial Crimes Enforcement Conference this week that she expects to cooperate with financial institutions to enhance their illicit finance countermeasures: “We encourage the private sector…to stay proactive and to innovate with new… Read More

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