US mulls applying fiat reporting mandate on crypto transfers

Arijit Sarkar33 minutes agoUS mulls applying fiat reporting mandate on crypto transfersThe US Treasury and Federal Reserve plan to redefine “money” used under the Bank Secrecy Act, aiming to include cryptocurrencies and digital assets in new reporting requirements.252 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onTop federal agencies in the United States are teaming up to revise the meaning of “money” to tighten reporting requirements on financial institutions for domestic and cross-border cryptocurrency transactions.

The US Department of the Treasury (DOT) issued a semiannual regulatory agenda on Aug. 16, revealing an upcoming federal attempt to level the regulatory playing field for cryptocurrencies and traditional fiat currency.A snippet of the semiannual regulatory agenda issued by the US Department of Treasury. Source: Federal Register documents

The Board of Governors of the Federal Reserve System (FRS) and the Financial Crimes Enforcement Network (FinCEN) plan to revise the meaning of “money” used in the Bank Secrecy Act (BSA).Treating crypto as money for reporting requirements

According to the agenda:“The agencies (FRS and FinCEN) intend that the revised proposal will ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency, which is a medium of exchange (such as cryptocurrency) that either has an equivalent value as currency or acts as a substitute for currency, but lacks legal tender status.”

However, the proposal will also extend the reporting requirement to digital assets with legal tender status, including central bank digital currencies (CBDCs).

The final notice of proposed rulemaking is currently slated for September 2025, subject to clearance.

Related:US gov’t $590M Silk Road Bitcoin transfer to Coinbase unlikely to be sold — AnalystOn Aug. 14, the US government shifted roughly 10,000 Bitcoin (BTC) linked to a dated Silk Road raid.Transaction information of the US government moving BTC. Source: Arkham Intelligence

In addition to cryptocurrencies, the DOJ is also actively amending regulations and legal mandates for artificial intelligence.DOJ updates AI guidelines to fight crimes

On Aug. 7, the DOJ asked the United States Sentencing Commission to update its guidelines to provide additional penalties for crimes committed with the aid of AI. 

The recommendations seek to expand well beyond established guidelines and apply not only to crimes committed with AI but to any crime aided or abetted by simple algorithms.

Magazine:AI may already use more power than Bitcoin — and it threatens Bitcoin mining# Federal Reserve# Business# FinCEN# Adoption# Report# United States# Money Laundering# RegulationAdd reaction