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22 October 2019

SEC, CFTC, FinCEN Warn Crypto Industry to Follow US Banking Laws

SEC, CFTC, FinCEN Warn Crypto Industry to Follow US Banking Laws


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The statement, signed by Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and Securities and Exchange Commission (SEC) Chairman Jay Clayton, “reminds” actors in the crypto space that they must comply with various banking and financial services laws in the U.S., regardless of what they call their cryptocurrencies or tokens. .

Specifically, the agencies explained that the “nature of the digital asset-related activities” a person participates in will determine which agencies that person should register with, as well as which other laws they need to comply with.

“FinCEN’s BSA regulations also provide that any person ‘registered with, and functionally regulated or examined by, the SEC or the CFTC,’ would not be subject to the BSA obligations applicable to MSBs, but instead would be subject to the BSA obligations of such a type of regulated entity.”

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