Jessel: I understand it's not just the Treasury department (FinCEN is a bureau of the Treasury) that appears to be clamping down on.
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- How the Biden administration is approaching crypto regulations
- US Treasury Secretary Issues Warning On Bitcoin Over Extreme Price Movements – WCCO | CBS Minnesota
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How the Biden administration is approaching crypto regulations
Bitcoin keeps going up in value and setting records, but U. Treasury Secretary Janet Yellen is not as high as investors on the leading digital currency. Read: The U. Since taking over at the Treasury last month, the former chairwoman of the Federal Reserve has made it clear her department will give a hard look at Bitcoin and how it is used as part of an effort to protect investors.
The sharp move up has drawn more interest and investors, including from some large and established companies. For all its popularity, the digital currency is still not used widely as a payment mechanism between buyers and sellers. The Treasury secretary has also fretted about the ability bitcoin to be used for money laundering and other forms of illegal activities.
One major study indicated only a small percentage of Bitcoin transactions are used in illicit transactions, however, and supporters also point out the same is true of the dollar. The U. The Fed is already studying the issue. Consider the recent federal stimulus checks.
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The establishment of a digital dollar could have allowed the government to send every American a check directly to their mobile phone or personal account in a blink of an eye. Instead, some payments took weeks to reach recipients through snail mail or bank deposits.
US Treasury Secretary Issues Warning On Bitcoin Over Extreme Price Movements – WCCO | CBS Minnesota
The U. Treasury Department proposed sweeping new rules late Friday Dec. The new regulations, if adopted after a comment period, would require banks and some other institutions to obtain and report the identities of parties engaging in certain digital transactions, including payments involving what are called "unhosted wallets" — effectively secret bank accounts that hold cryptocurrency.
The rules effectively require financial institutions to report such digital transactions in much the same way they have been required to report cash transactions since The rationale for the new regulations, as the government laid out in the Federal Register, is that "U. In addition, ransomware attacks and associated demands for payment, which are almost exclusively denominated in CVC, are increasing in severity.
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- US Treasury Proposes Sweeping New Disclosure Rules On Bitcoin, Other Cryptos.
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- Treasury Secretary Janet Yellen Skeptical of Bitcoin;
Bitcoin is a popular example. The rule, which applies to financial institutions and is consistent with existing requirements, is intended to protect national security, assist law enforcement and increase transparency while minimizing the impact on responsible innovation.
Another provision of the measure would let the secretary of the Treasury add additional requirements. The publication of the proposed new rules in the Federal Register triggers a comment period before which a new regulation can become official.
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The comment period ends Jan. The Treasury Department published a list of questions and answers related to the proposal, arguing among other things that they would not stifle innovation or impose unreasonable burdens on people who aren't breaking laws. The report aims to offer banks a roadmap to help them gain the technical capacity to support digital payments in all their forms. Zoom fatigue sets in. Too much time looking at