FinCEN Aims To Fill Crypto Reporting Gaps Despite Pushback
Law360 (December 21, 2020, 8:07 PM EST) -- The U.S. Treasury Department's financial crimes unit is seeking to address "gaps" in cryptocurrency reporting by requiring financial institutions and exchanges to report the movement of crypto funds above certain amounts, a move that critics say could stifle innovation and stunt the banking industry's growing acceptance of the asset class.
Under Friday's proposed rule from the Financial Crimes Enforcement Network, institutions would have to submit transaction reports verifying the identities of customers transferring convertible virtual currencies, or CVCs, including cryptocurrencies worth more than $10,000 in a single day.
The rule aims to counter "substantial national security concerns" primarily surrounding the so-called unhosted...
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