FinCEN Director Jennifer Shasky Calvery: Full CoinDesk Interview
CoinDesk: How does FinCEN research the bitcoin industry and keep track of developments with the technology? FinCEN Director Jennifer Shasky Calvery: So, let me start historically, we can go even a little wider with virtual currency. I think we first really started thinking about virtual currency quite a while ago, and it was in response to working with our law enforcement partners and it was back in the days of E-gold and when virtual currencies were backed by a commodity. So, we came out with our first guidance on virtual currency in September in 2008, and again, it was based mostly on....
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The Financial Crimes Enforcement Network (FinCEN) has been to date one of the most active - and more controversial - US federal agencies to address the bitcoin ecosystem, doing so through a number of published rulings aiming to provide clarity to the industry. Founded in 1990, the US agency is responsible for collecting information about financial transactions that may be used to support money laundering, terrorist financing and financial crimes. FinCEN first addressed emerging virtual currencies in 2008 and has been simultaneously praised for engaging with the bitcoin ecosystem, while....
It's clear that some of the top cops in the United States aspire to regulate virtual currencies on a global scale. A series of meetings took place last week in response to the criminal activities lawmakers have witnessed using distributed money such as bitcoin. What does this mean for those starting bitcoin-based businesses in the US? And what impact will this have on virtual currencies in the global economy? Three simple steps? Jennifer Shasky Calvery is the US director of the Financial Crimes Enforcement Network (commonly known as FinCEN). During the Senate Committee Meeting 'Beyond Silk....
The US Financial Crimes Enforcement Network (FinCEN) has reportedly been working with the Internal Revenue Service (IRS) to develop bitcoin training programs for tax examiners. During a speech given today at the ABA/ABA Money Laundering Enforcement Conference in Washington, DC, FinCEN director Jennifer Shasky Calvery said that the agency, one of several in the US with jurisdiction over elements of the bitcoin ecosystem, recently collaborated with the IRS to educate its examiners on relevant aspects of the technology. She remarked: "IRS has an extensive training program for its examiners,....
US Financial Crimes Enforcement Network (FinCEN) director Jennifer Shasky Calvery said during a speech today that her agency is in the process of investigating businesses in the digital currency ecosystem. Calvery gave the keynote address during the first day of the 2015 West Coast Anti-Money Laundering Forum in San Francisco. FinCEN later published the text of her speech, which acknowledged that "a series of supervisory examinations of businesses in the virtual currency industry" had begun. The announcement comes a day after FinCEN, in conjunction with the US Attorney's Office in the....
The boss of US regulator FinCEN has outlined what Bitcoin exchanges need to do to keep the feds happy and stay out of prison. Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network, told the American Banker that the US had no ideological beef with alternative currencies, but expects them to follow existing anti-money laundering rules. Calvery said: "Digital currencies are just a financial service and those who deal in them are a financial institution. Any financial institution and any financial service could potentially pose an AML[anti-money laundering] threat." She....