Sec. Yellen agrees with the FinCEN statement that entities providing ancillary services like manufacturers, developers, and miners shouldn't be subjected to Money Service Business registration.
The new bill is meant to curb ransomware attacks, requiring all businesses to report these attacks and the U.S. Treasury to keep such details confidential.
A working group convened by Treasury Secretary Janet Yellen has granted the push by SEC Commissioner Gary Gensler to let the securities regulator take control over stablecoins.
Digital currencies could undermine the impact of sanctions imposed by the United States, a report by the Treasury Department has stated.
The U.S. government has issued a fresh round of sanctions as it cracks down on ransomware, including against a Russian exchange tied to ransomware payments.
The U.S. Treasury pushed for strict reporting rules for digital currency holders in its $1 trillion Infrastructure Bill and is now pushing further in new bill.
In his confirmation hearing before the Senate Banking Committee, Brian Nelson said he would make implementing new anti-money laundering legislation a top priority as he moved into the post.
BitPay is accused of allowing users in North Korea, Sudan, Syria, Ukraine, Cuba and Iran to transact on its platform despite having IP addresses and other location data about these users.
Suggesting the government needs new tools to prevent money laundering through exchanges, Janet Yellen said many digital currencies “are used at least in a transactions sense mainly for illicit finance.”
Finance ministers and central bank governors from across the Group of 7 countries discussed crypto assets and their increasing role in the global financial system.
The U.K. Treasury said it was working on proposals for a new regulatory structure for stablecoins and other digital currencies.