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

Jack Dorsey, CEO of payments company Square, has joined the ranks of those criticizing the Financial Crimes Enforcement Network’s (FinCEN) proposed regulations around collecting data on crypto wallet users. In a letter addressed to FinCEN, dated Jan. 4, Dorsey said, if the rules are approved, cryptocurrency customers maybe pushed to use unregulated services outside of […]

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

The Financial Crimes Enforcement Network (FinCEN), the U.S. Treasury Department wing tasked with monitoring potential legal violations of domestic financial laws, wants Americans to report if they have more than $10,000 in cryptocurrencies with foreign financial or virtual asset service providers. FinCEN announced its intention to amend the Bank Secrecy Act’s Foreign Bank and Financial […]

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Presidential Advisory Group Weighs In on Regulatory Approach to Stablecoins

Stablecoins should meet the same regulatory standards as other aspects of the financial system, says President Trump’s Working Group on Financial Markets.  The working group published a report Wednesday detailing how it views retail payments using stablecoins and asking for public feedback on the issue. Stablecoins must meet appropriate money-laundering and oversight requirements, the document […]

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