Financial Industry News
The Financial Crimes Enforcement Network (FinCEN) is extending its comment period for a controversial surveillance rule that had the crypto industry up in arms. In a press release Thursday, FinCEN announced it would reopen its proposed rulemaking period for an additional 15 days for its proposed reporting requirements, and another 45 days for a requirement […]
Continue ReadingThe acting head of the U.S.’s federal banking regulator is reportedly stepping down from his role this week. Brian Brooks, who is currently leading the U.S. Office of the Comptroller of the Currency (OCC) will leave the federal agency within the next few days, Politico’s Victoria Guida reported Tuesday. In an email, OCC Deputy Comptroller […]
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Continue ReadingStablecoins 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 […]
Continue ReadingThe Takeaway: Blockchain analytics companies tend to flag funds moving to and from private crypto wallets, with self-custody said to be the next fault line for crypto regulations. One such firm, CipherTrace, has examined privacy coins such as zcash, as well as non-custodial and peer-to-peer exchanges like ShapeShift, LocalBitcoins and Paxful. CipherTrace acknowledges compliance standards […]
Continue ReadingThe Financial Crimes Enforcement Network (FinCEN), the top financial crimes watchdog within the U.S. Treasury Department, is hiring two policy officers to help draft regulations for the cryptocurrency space. Disclosed in Dec. 11 job postings, these Strategic Policy Officers will “assist in the development of policy responses” to “threats” posed by cryptocurrency, issue advisories to […]
Continue ReadingThe Takeaway: Out of a list of 26 crypto exchanges domiciled in the Republic of Seychelles, approximately half have poor know-your-customer (KYC) procedures, according to blockchain tracking firm CipherTrace. Analysis of certain Seychelles-based exchanges reveals the proportion of funds flowing to and from “high risk” sources and dark marketplaces. In an interview with CoinDesk, the […]
Continue ReadingThe Takeaway Ripple used to position itself as the regulator-friendly crypto firm. Now the company is threatening to leave the U.S. over regulatory uncertainty. Lack of clarity from the SEC about XRP’s legal status looks to be the sticking point. The company is fighting several private investor lawsuits over the securities question and reportedly eyeing […]
Continue ReadingThe U.S. Securities and Exchange Commission (SEC) announced Tuesday that William Hinman, the director of the SEC’s division of corporation finance, is planning to conclude his tenure later this year. Notably, Hinman was the first official at the agency to say that, in his view, the native currency of the Ethereum blockchain, ether (ETH), was […]
Continue ReadingThe U.S. Department of Justice’s (DOJ) recent crypto enforcement framework is a threat to digital privacy rights, according to an attorney for the Electronic Frontier Foundation (EFF). “It was a complete disaster for privacy and anonymity and civil liberties in the cryptocurrency space,” said Marta Belcher, special counsel to the digital rights advocacy group. The […]
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