News

FinCEN Doubles Down on Cryptocurrency Proposal

By Valentina Pasquali

The U.S. financial intelligence unit has given financial institutions and the public an additional 15 to 45 days to weigh in on a proposal that would expand cryptocurrency companies' reporting obligations, and separately buttressed its position to impose the requirements. Officials with the Treasury Department's Financial Crimes Enforcement Network made the announcement Thursday after a substantial share of the more than 7,500 comments submitted by the original deadline of Jan. 7 questioned the nature of the proposed rulemaking and lamented the limited timeframe to review it. The measure, which FinCEN first pitched Dec. 23, would require banks, exchanges and other...

TO READ THE FULL STORY