US Regulators are Against Illicit Cryptocurrency Usage – Cryptocurrency Regulation

In a joint statement, the chairmen of the three primary financial regulators in the United States affirmed their position against unlawful activities involving digital assets.

No illicit cryptocurrency usage is welcome. Such a statement comes from Heath Tarbert, Chairman of the U.S. Commodity Futures Trading Commission (CFTC). Kenneth A. Blanco, Director of the Financial Crimes Enforcement Network (FinCEN). Also, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC).

The joint statement was issued to remind persons engaging in activities involving cryptocurrency of their anti-money laundering (AML) obligations. As well as their countering financing of terrorism (CFT) duties. Both are part of the Bank Secrecy Act (BSA).

What does this mean?

The AML/CFT obligations apply to entities that the BSA terms as financial institutions. Note, these are futures commission merchants and introducing brokers obligated to register with the CFTC. Also, there are money services…