US Federal Agencies Seek to Redefine “Money” to Include Cryptocurrencies in Reporting Requirements

August 21, 2024 12:23 PM AEST | By Team Kalkine Media

Google News:

US Federal Agencies Seek to Redefine “Money” to Include Cryptocurrencies in Reporting Requirements — Image source: shutterstock

Recent News

Kalkine : ASX 200 Closes at New High as Tech and Bank Stocks Lead Broa...

Kalkine : ASX 200 Sets New Peak Amid Strong Gains Across Financials an...

Safran shares inch lower after Citi downgrades rating of French jet en...

Kalkine : ASX 200 Index Rebalance: Key Changes Across ASX 20, 50, 100...

The U.S. Treasury and Federal Reserve are working to redefine "money" under the Bank Secrecy Act, aiming to include cryptocurrencies and digital assets in new reporting requirements. This initiative is set to tighten financial regulations for both domestic and cross-border transactions involving digital currencies.

On August 16, the U.S. Department of the Treasury unveiled its semiannual regulatory agenda, which reveals plans to level the regulatory field between cryptocurrencies and traditional fiat currencies. The Board of Governors of the Federal Reserve System and the Financial Crimes Enforcement Network (FinCEN) intend to update the definition of "money" to encompass a broader range of financial assets.

The proposed changes would mandate reporting for transactions involving convertible virtual currencies—such as [Bitcoin] BTC, [Ethereum] ETH, and others—that have value equivalent to currency or function as a substitute but are not legally recognized as tender. Additionally, the new rules would apply to digital assets with legal tender status, including central bank digital currencies (CBDCs).

The final notice of proposed rulemaking is expected in September 2025, pending further approvals.

In related news, on August 14, the U.S. government transferred approximately 10,000 [Bitcoin] BTC, valued at around $59,255 each, from a Silk Road raid.

Moreover, the U.S. Department of Justice (DOJ) is revising regulations for artificial intelligence (AI). On August 7, the DOJ requested updates to sentencing guidelines to introduce harsher penalties for crimes committed with the assistance of AI. This includes extending the guidelines to cover crimes aided or abetted by algorithms.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.