Privacy-enabling cryptocurrencies, commonly known as privacy coins, are enhanced versions of early cryptocurrencies that were developed to protect the financial privacy of individuals and businesses alike. Each privacy coin leverages innovative mechanisms that provide privacy, encryption, and security to its users. Alongside their positive effects, however, these mechanisms have raised an important compliance question:
- CFTC approves LedgerX to clear fully-collateralized futures and options.
- Square launches the Cryptocurrency Open Patent Alliance to spur cryptocurrency adoption and protect against trolls.
- Mastercard launches testing platform for central bank digital currencies.
- California’s Consumer Financial Regulator to get a new name and new powers.
- Blockpit and CryptoTax complete merger.
- Congressman Gosar Introduces Crypto-Currency Act of 2020
- Morningstar Rates Ethereum-based Digital Representation of Securities for the First Time
- Verizon Uses Blockchain Technology for Cybersecurity Purposes
- Figure Technologies Securitizes $150 million of HELOCs on Blockchain
House Passes Bill to Review How Blockchain Technology Can Improve FinCEN
The U.S. House of Representatives passed a bill sponsored by Anthony Gonzalez (R-OH) that requires the Director of the Financial Crimes Enforcement Network (“FinCEN”) to carry out a study on the status of implementation and internal use of blockchain and other emerging and innovative technologies to determine whether they can be leveraged to make FinCEN’s data analysis more efficient and effective, including ways to improve the dissemination of information it collects and stores to better support its investigations.
Representative Gonzalez stated that his “bill makes sure that we are using the best technology we have available to find and stop the money laundering that makes all these crimes not only possible, but financially profitable for cartels, traffickers, and terrorists.” The bill now resides with the U.S. Senate for consideration.
Continue Reading Blockchain Week in Review: Week of September 27, 2019