The US Treasury and Federal Reserve plan to redefine “money” used under the Bank Secrecy Act, aiming to include cryptocurrencies and digital assets in new reporting requirements.
Top federal agencies in the United States are teaming up to revise the meaning of “money” to tighten reporting requirements on financial institutions for domestic and cross-border cryptocurrency transactions.
The US Department of the Treasury (DOT) issued a semiannual regulatory agenda on Aug. 16, revealing an upcoming federal attempt to level the regulatory playing field for cryptocurrencies and traditional fiat currency.
A snippet of the semiannual regulatory agenda issued by the US Department of Treasury. Source: Federal Register documents
