Skip to main content
Back to news
Regulation

Coin Center Pushes Back on FinCEN's Anti-Money Laundering Rules — Here's What That Means for Crypto

(115 days ago) · 1 source · Summarized by CryptoBipto

Coin Center, a leading crypto policy advocacy group, has submitted a formal comment to FinCEN (the Financial Crimes Enforcement Network) regarding proposed rules around Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) programs. The comment likely addresses concerns about how these regulations could impact crypto businesses, developers, and individual users.

WHY IT MATTERS

Think of FinCEN as the government agency that makes sure money isn't being used for illegal activities like terrorism or money laundering. They set rules that banks and financial companies must follow — like verifying who their customers are and reporting suspicious transactions. Now, FinCEN wants to apply similar rules to parts of the crypto world. Coin Center, which acts like a lobbyist for the crypto industry, is telling FinCEN that some of these rules might not make sense for crypto and could hurt regular users. It's like if the government tried to regulate email the same way it regulates the postal service — the rules might not fit the technology. The outcome of this back-and-forth could determine how easy or hard it is to use crypto in the U.S. going forward.

Coin Center has a long track record of engaging with U.S. regulators to push back against overly broad financial surveillance rules that could stifle innovation or infringe on privacy rights in the crypto space.

Read the full analysis with a CryptoBipto membership

Members can read the full analysis of every story, not just the headline.

Get started

SOURCES

  • Source

RELATED

AML/CFT RegulationFinCENCrypto PolicyFinancial SurveillanceCoin Center