FinCEN No-Action Plan May Spur Crypto Innovation, In Theory

By Al Barbarino (June 15, 2022, 6:00 PM EDT) — A proposal this month from the Financial Crimes Enforcement Network to implement a no-action letter process could be a potential boon for purveyors of digital assets seeking more regulatory clarity, but there are plenty of hurdles that could dampen its effectiveness, industry attorneys said.

FinCEN, the financial crimes unit of the U.S. Department of the Treasury, has considered crypto companies “money transmitters” subject to its Bank Secrecy Act and anti-money laundering frameworks for over a decade. The bureau also issued a 30-page guidance in May 2019 aiming to clarify years of piecemeal communications regarding its oversight of crypto markets.

But discrepancies…

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