Tag: fincen

Jan 22 2021

Is Tether a Fraud? Its Bank Says It’s Not

Gregory Pepin, deputy CEO of Deltec Bank and Trust, responds to allegations in a blog post by the pseudonymous Crypto Anonymous, that Tether is a "highly probably fraud." In this episode, he covers: how Deltec accounts for its reserves, and why they didn't show up on Crypto Anonymous's blog post...

Jan 21 2021

President Biden Freezes FinCEN’s Controversial Crypto Wallet Proposal

Jan 21 2021 Published at Crypto Briefing under tags  education fincen joe biden

President Joe Biden has frozen all new or pending rules introduced during the Trump administration. This includes the FinCEN's controversial crypto wallet proposal. Biden Hits Pause The 46th President of the United States, Joe Biden, has...

Jan 19 2021

State of Crypto: What the Crypto World Should Watch for in the Biden Era

The incoming president has already announced he would tap pro-crypto, pro- regulation Gary Gensler to lead the SEC, but a number of other names and issues remain outstanding.

Jan 14 2021

DC Magistrate Judge Calls Unhosted Wallet ‘Horror Story’ a ‘Fiction’

“Indeed, cash poses a greater challenge to law enforcement than cryptocurrency in unhosted wallets," wrote Judge Zia Faruqui in an opinion on a forfeiture case.

Jan 13 2021

FinCEN’s Crypto Surveillance Rule Violates the US Constitution

Proposals requiring crypto companies to report transactions amount to "mass surveillance" and flout the Fourth Amendment.

Jan 12 2021

FinCEN’s Crypto Rules Aren’t as Unfair as Jack Dorsey Says

Jan 12 2021 Published at CoinDesk under tags  fincen opinion policy & regulation

Crypto companies complain about FinCEN's new "unhosted wallets" proposal. But the rules aren't unreasonable, says our columnist.

Jan 07 2021

FinCEN Flooded With 65,000 Comments Opposing Impractical Crypto Bill

Jan 07 2021 Published at Crypto Briefing under tags  education fincen regulations

FinCEN's beta regulatory proposal for mandatory KYC of self-hosted crypto wallets and nodes received over 65,000 comments, demanding the agency reconsider the "devastating" proposal....

65K Comments and Counting: Crypto Industry Fights ‘Arbitrary’ Treasury Rule

The crypto industry says a proposed rule to collect personal data from private wallet transactions is being rushed, might be challenged in court and could be difficult to implement.

Jan 06 2021

U.S. Citizens May Have to Report Off-Shore Crypto Holdings As per Latest FinCEN Notice

Jan 06 2021 Published at Coingape under tags  btcbrl btcbusd btceur btcgbp btcjpy

Latest notice from FinCEN intends to subject digital...

Jan 05 2021

Square’s Jack Dorsey Hits Out at FinCEN’s ‘Burdensome’ Proposed Crypto Wallet Rules

"The burdensome information collection and reporting requirements deprive U.S. companies like Square of the chance to compete on a level playing field," Dorsey said.

Jack Dorsey’s Square Slams FinCEN’s Newly Proposed Crypto Wallet Rules, Calls It “Unnecessary Friction”

Jan 05 2021 Published at Coingape under tags  coinbase crypto rules fincen jack dorsey news

Just as the timeline for commenting on the newly proposed crypto wallet rules comes to an end by January 4 midnight, Jack Dorsey-owned crypto trading platform Square Inc. has issued a fresh statement on the matter....

Jan 04 2021

A Commentary On FinCEN’s Proposed KYC Requirements

Jan 04 2021 Published at Bitcoin Magazine under tags  fincen kyc regulation

Policy Division Financial Crimes Enforcement Network P.O. Box 39 Vienna, VA 22183 FinCEN Docket No. FINCEN-2020-0020, RIN 1506-AB47 January 4, 2020 Dear Sir or Madam, The proposed regulations on currency transaction reports and record-keeping seem to require that banks and money services businesses (MSBs) be able to prove that an identified counterparty to a transaction indeed owns one or more...

Jan 01 2021

FinCEN Seeks Info on US Citizens’ Offshore Bitcoin Holdings

Jan 01 2021 Published at Crypto Briefing under tags  education fincen regulations

As per a new proposal by FinCEN, U.S. citizens will have to disclose any cryptocurrencies held in offshore accounts. Overseas Americans on FinCEN's Radar The Financial Crimes Enforcement Network (FinCEN) under the U.S. Treasury released a...

FinCEN Wants Disclosure of Americans’ Offshore Crypto Holdings

If FBAR adds virtual currencies, Americans have to disclose all offshore holdings above $10,000.

Dec 31 2020

FinCEN Wants US Citizens to Disclose Offshore Crypto Holdings of $10K+

The Financial Crimes Enforcement Network wants U.S. persons who hold crypto in offshore accounts to report holdings over $10,000.

Proposed FinCen Rule on Crypto Wallets Would Likely Be Ineffective, Elliptic Says

In its public response to the US Treasury Department’s proposed rule, the blockchain analytics firm has argued that they are likely to be ineffective and counterproductive.

Dec 30 2020

An Open Letter To FinCEN: Newly Proposed Regulations On Cryptocurrency

Dec 30 2020 Published at Bitcoin Magazine under tags  fincen regulation

Policy Division Financial Crimes Enforcement Network P.O. Box 39 Vienna, VA 22183 FinCEN Docket No. FINCEN-2020-0020, RIN 1506-AB47 December 30, 2020 To Whom it May Concern: I am Ben Davenport, an entrepreneur and investor. I previously co-founded BitGo, the first non-custodial multi-sig wallet provider, and now leading provider of custodial services for...

Dec 29 2020

2020 Highlights: The Biggest New Stories of the Year in Crypto

Dec 29 2020 Published at Unchained Podcast under tags  2020 banks bitcoin blockchain cbdc

Host Laura Shin recaps the biggest stories of the year in crypto, with clips from shows throughout the year. In this episode, we cover how the pandemic drove Bitcoin to new all-time highs, how regulation began to come for the crypto space in a big way, plus new trends in DeFi, corporate structures, and how ETH will change as an asset....

Dec 23 2020

Presidential Advisory Group Weighs In on Regulatory Approach to Stablecoins

Stablecoins should meet the same regulatory standards as other financial instruments, Trump’s Working Group on Financial Markets said.

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