hello folks you have reached the cryptocurrency portal here on Monday September 2nd and for those in the United States happy Labor Day and on this Labor Day we thought it was very important to go over this latest article from coin Telegraph we always like our content from as many content providers as possible we’d love to highlight all of the forward momentum in the cryptocurrency space but this one definitely caught our eye so thank you to the off the author of jewelry kant on coin Telegraph and you can see the title here US Congress urged to regulate crypto sector under the Bank Secrecy Act now we’ve called for many out there in the cryptocurrency space and if you just go on Twitter you can see a lot of people asking for regulation of the cryptocurrency space even the people in the crypto space want to be regulated because there’s there’s certainty in the market for the retail investors potentially and of course any banks that want to get involved they want certainty in the rules so they don’t get in trouble so it’s very interesting just kind of watch it cuz you know a lot of times you see that industries think they’re over-regulated they don’t want to be regulated in you know if you’re involved in the political discussion there’s always like one side the aisle that always wants to reduce regulations on one side the aisle wants to increase them or you know whatever side the ID on that doesn’t matter my point is and this everyone’s asking to be regulated so if the US Congress can just kind of get off their Duff and actually get this done this I think would be great for obviously the sector the finance sector in general and it’ll put the United States on the forefront of being ahead of the curve in a certain sector or the United States could be left behind so again let’s get back to this article the US Congress urged to radiate the crypto sector under the Bank Secrecy Act so if you go through here thin which is the financial integrity Network as a Washington dc-based advisory firm has urged the United States Congress to regulate firms in the cryptocurrency sector under the Bank Secrecy Act the BSA and we wholeheartedly agree here at the cryptocurrency space a virtual asset providers service provider should be regulated under BSA in a copy of the thin testimony published ahead of the hearing on September 3rd so that’s tomorrow on Tuesday September 3rd then recommended that the virtual asset service providers via a SPS should be regulated based on the particular service or services that they provide with emphasis on promoting system-wide governance fins vice present for product development in services Dave Murray noted that some vasts are regulated currently as money transmitters under the BSA while others are not regulated at all Murray continued by saying even for those VSPs vasp currently regulated as money transmitters the regulations are insufficient to protect virtual assets from exploitation regulation could make operations difficult for firms and to crypto sector now I’m Murray admitted that imposing the recommended regulations on people and entities one almost certainly make it difficult for some existing implementations of blockchain based payments to continue operating as they do today however Murray stated that is not the purpose of the BSA or the global financial transparency regime to enable or accommodate all manner of financial products and services now US regulators continue to express concerns on cryptocurrency now as Point Telegraph previously reported United States Treasury Secretary Stephen minuchin and President Donald Trump have expressed their concerns on the use of cryptocurrency to finance illicit activity and stressed the role in enforcing Financial Crimes enforcement Network regulations with respect to crypto dealing organizations and now that’s laughable slightly – I am glad they’re looking at that but what’s laughable is like illicit things happen all the time with cash so I understand what they’re saying in terms of the crypto currency but if they actually put regulations around crypto currency you could probably track it a little easier than cash so anyway again this is the crypto currency portal we love these types of updates we definitely think there should be rate better violation of any regulation at all in the cryptocurrency space just to kind of get one give it legitimacy to banks can be involved and a larger financial services company retail investors would feel safer to get into the space so again we call for regulation as well so we can create some certainty in this space so again this is the cryptocurrency portal here on on Monday September 2nd just wishing you a happy Labor Day thank you [Music]

Tagged : # # # # # # #

5 thoughts on “US Congress Urged to Regulate Crypto Sector Under Bank Secrecy Act”

  1. Check out our video review of Satoshi Nakamoto's original Bitcoin White Paper. This is the genesis of the crypto revolution: https://www.youtube.com/watch?v=EBNxrAtsh3w&feature=youtu.be

  2. **Support the channel**

    Check out our partner page at: https://thelocalforum.com/ Here you can find free stuff & free samples that are being given away. Check it out, it helps the channel.

  3. If you like this content, please consider subscribing to our channel: https://www.youtube.com/channel/UCN1u3dicLuUzYKDv7s4KxHg?sub_confirmation=1

  4. Here is a playlist of videos related to regulation in the crypto space: https://www.youtube.com/playlist?list=PLuSLVdrmWkJR0XEYqOBsQDzW4cak2eQKX

Leave a Reply

Your email address will not be published. Required fields are marked *