U.S. Congress Suggests Regulating Cryptocurrencies through Bank Secrecy Act

Financial Integrity Network (FIN), a consulting company, has proposed to the US Congress the creation of a new class of financial institutions that will be governed by the Bank Secrecy Act.

Advisers suggest identifying a new class of virtual asset service providers (VASPs), which will be regulated through the Bank Secrecy Act. Already today, September 3, a hearing will be held at the US Committee on Banking, Housing and Urban Affairs, which will be addressed by FIN Murray, Vice President of Product and Services Development, David Murray.

“Some VASPs are already working under the regulation of the Bank Secrecy Act, and some are not regulated at all. But even for companies that are subject to regulation, these legal norms are not enough to protect virtual assets, ”Murray said.

According to FIN Vice President, the tightening of cryptocurrency regulation “will push financial institutions to be more cautious,” as the current system makes it difficult for “authorities to isolate fraudulent companies from the US financial system.”

Recall that yesterday, Andreessen Horowitz, a large venture capital company, met with regulators in Washington with a request to weaken the regulation of the cryptocurrency industry.