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FinCEN


The Financial Crimes Enforcement Network (FinCEN) receives more than 1,500 reports every month from financial institutions regarding cryptocurrencies, a top official said Thursday. FinCEN director Kenneth Blanco, speaking at the Chicago-Kent Block (Legal) Tech Conference, discussed the role his agency takes in regulating cryptocurrencies. He noted that while cryptocurrencies can prove beneficial for certain use …

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A new Congressional bill would update the mandate of the Financial Crimes Enforcement Network (FinCEN) to include a specific focus on cryptocurrencies. The FinCEN Improvement Act (H.R. 6411), filed jointly by U.S. Congressmen Ed Perlmutter (D-CO) and Steve Pearce (R-NM) on July 18, directs FinCEN to look into how cryptocurrencies might be used in terrorism …

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The Subcommittee on Capital Markets, Securities, and Investment considered the major questions associated with cryptocurrency and Initial Coin Offerings (ICO) in a recent hearing entitled “Examining Cryptocurrencies and ICO Markets” that took place in Washington DC on March 14. At the hearing, the Subcommittee discussed ICOs and cryptocurrency, the potential benefits for the economy, provision …

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The Financial Crimes Enforcement Network (FinCEN) published a letter Tuesday that indicates the U.S. agency will apply its regulations to those who conduct initial coin offerings (ICOs). In the letter, which was sent to U.S. Senator Ron Wyden last month, FinCEN’s assistant secretary for legislative affairs, Drew Maloney, explained that both developers and exchanges involved …

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The U.S. Department of Treasury is ramping up its enforcement against the potential for money laundering and criminal financing through cryptocurrencies. Improving “anti-money laundering/combating the financing of terrorism (AML/CFT)” rules is one part of regulating the “evolving threat” of cryptocurrencies, according to Under Secretary for Terrorism and Financial Intelligence Sigal Mandelker, who testified before the …

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Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month. A federal court has sentenced a Detroit man to a year and a day in prison and three years of supervised release for trading bitcoin without a money service license, according to the U.S. Attorney’s Office for the District of Maine. The …

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Expert Blog is Cointelegraph’s new series of articles by crypto industry leaders. It covers everything from Blockchain technology and cryptocurrencies to ICO regulation and investment analysis. If you want to become our guest author and get published on Cointelegraph, please send us an email at mike@cointelegraph.com. Initial Coin Offering (ICO) is a new way of …

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Charles Alovisetti is a senior associate and co-chair of the corporate department at Vicente Sederberg LLC, and works with legal cannabis businesses in the U.S. In this opinion piece, Alovisetti warns such enterprises to be wary of using bitcoin or other cryptocurrencies as a solution to the pot industry’s continued difficulty obtaining or keeping bank …

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No one wants to think about tax bills from the IRS, much less interest and penalties. But if you are one of the legions of people capitalizing on the wild west of cryptocurrency, you might need to. At the very least, you should occasionally stop to think about the IRS and taxes. Here are 10 …

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