Political Quotes

“FinCEN's mission is critical to our national and economic security. It is charged with safeguarding the financial system from illicit use and combating money laundering. Our amendment included in this en bloc directs FinCEN and its agency partners to make proactive efforts to identify and oversee one particular space, and that is cryptocurrency exchanges, wallets, and so-called cryptomixers that try to hide the source of cryptocurrency that is getting transmitted. FinCEN regulates exchanges and money-services businesses that deal with ordinary fiat currency. As FinCEN recognized early on, money transmitters that deal in cryptocurrency are functionally no different, and it only makes sense that they should also have to comply with anti- money-laundering regulations. That is why, since 2011, FinCEN regulations have made it clear that these kinds of entities are subject to the Bank Secrecy Act. More needs to be done, however. As of October 2018, only 13 out of the top 100 crypto exchanges had reportedly registered with FinCEN, even though most crypto funds from illicit entities flow through these exchanges. We need to send a message to these agencies that they cannot hide in plain sight, that they should live up to their obligation or FinCEN and its law enforcement partners will find them and hold them accountable.…”