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Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020.
The new year and new administration in Washington has brought uncertainty over what many see as potentially one of the most revolutionary developments in financial services, the broader acceptance and regulatory framework for cryptocurrencies.
Digital assets or currencies such as bitcoin have exploded in popularity. Some values increased nearly four-fold last year as the use cases for cryptocurrency and wider acceptance by traditional banks and financial institutions have gained traction. Many former skeptics, including regulators, have now flipped from a prior blanket opposition and are now beginning to test the crypto waters.
Weekly Focus:
New Administration Appoints New Agency Leads
OCC Issues Ruling Permitting National Banks to Use Certain Blockchain Technologies
CFPB Finalizes Rule on the Role of Supervisory Guidance
Federal banking regulators issue FAQs on SAR filing obligations.
Dutch Gambling Regulator Fines Virtual Coin Gaming Company
U.S. Regulatory Updates
Federal Regulation Actions Frozen Pending Review from New Administration
On January 20, 2021, newly inaugurated President Joe Biden issued a memorandum to the Heads of Executive Departments and Agencies asking current agency leaders to freeze implementation of all new or pending rules to allow the President’s appointees or designees to have an opportunity to review any new or pending rules. In the memo, the new administration asks that no new rules be implemented until a department or agency head appointed or designated by President Biden reviews and approves the rule with the exception of emergency situations relating to health, safe
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On January 1, 2021, the Senate voted to override the president’s veto and to enact the National Defense Authorization Act for Fiscal Year 2021 (the “NDAA”)[1]. Incorporated into the NDAA, the Anti-Money Laundering Act (“AMLA”) sets into motion the most comprehensive reform to the Bank Secrecy Act (“BSA”) in nearly two decades. The new landscape will feature:
Heightened enforcement capabilities for the U.S. Departments of Treasury and Justice to investigate and prosecute money laundering crimes;
New corporate transparency requirements for entities to disclose the identity of their beneficial owners; and
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Crypto Exchange Coinbase Requests Rulemaking Pause from FinCEN following the Issuance of Biden White House Guidance to US Agencies
San Francisco-based crypto exchange
Financial Crimes Enforcement Network (FinCEN) following the Biden White House guidance to agencies.
Coinbase writes in a letter that was reportedly shared with
Kenneth Blanco, Director, FinCEN on January 25, 2021, that after the “unprecedented” number of public comments received on the Notice of Proposed Rulemaking “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets” (Dec. 23, 2020), Coinbase “greatly appreciates FinCEN’s January 14, 2021 decision to reopen the comment period for its proposed reporting and recordkeeping requirements for broad classes of cryptocurrency transactions. Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets, 86 Fed. Reg. 3897 (Jan. 15, 2021).”
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