Look Beyond Crypto Labels, SEC, CFTC And FinCEN Warn

Law360 (October 11, 2019, 9:36 PM EDT) -- A trio of federal financial regulators released a joint statement on Friday urging anyone dealing with digital currencies to ensure they are adhering to obligations under anti-money laundering and countering the financing of terrorism regulations, regardless of what those digital assets are called.

The statement signed by the heads of the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission and the Financial Crimes Enforcement Network addressed the variable labels and terminologies that are used to describe digital currencies, saying that they will focus on the “facts and circumstances” of any “asset, activity or service” to determine the categorization...

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