FinCEN Will Be Tasked to Take a Closer Look at Blockchain

The United States Congress passed a bill on September 19th, which would mandate the Financial Crimes Enforcement Network to study the blockchain technology on a more focused and specified level.

According to the bill, the technology itself is recognized as an innovative solution to future financial developments, thus requiring a clear study to effectively implement it in the US system. Given the fact that it’s being studied by FinCEN, it’s highly likely that the agency will focus solely on the impact of cryptocurrencies on financial crimes. Things such as new ICO ventures and various other coin emissions are likely to be targeted.

The man who introduced the bill, Antonio GONZALEZ is a freshman representative and a member of the House Financial Services Committee. According to his comments, the bill will focus on studying money laundering cases through the use of technology, especially the blockchain.

Gonzalez’s main concerns could be directed at the heightened anonymity of crypto coins through privacy tokens and various other initiatives in the industry. However, it needs to be noted that around 99% of financial crimes are committed through fiat currencies nowadays. Almost any other usage of cryptocurrencies in unlawful conduct has been sighted in its exchange on the dark web, but other than that, no major money laundering cases have been found.

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