{"id":53842,"date":"2021-11-30T19:48:17","date_gmt":"2021-11-30T17:48:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53842"},"modified":"2025-09-03T17:14:57","modified_gmt":"2025-09-03T14:14:57","slug":"us-treasury-fatf-rules-align-with-fincen-standards-on-cryptocurrency-regulation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/us-treasury-fatf-rules-align-with-fincen-standards-on-cryptocurrency-regulation\/","title":{"rendered":"US Treasury: FATF rules align with FinCEN standards on cryptocurrency regulation"},"content":{"rendered":"<p>US Treasury Secretary Janet Yellen, in response to a request from Senator Pat Toomey, said that FATF rules align with FinCEN&#8217;s standards regarding the crypto industry and are merely recommendations.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">1\/ Good news: Sec. Yellen says recent FATF guidance on cryptocurrency is consistent with FinCEN regulation, i.e. that it does not cover \u00abhardware wallet manufacturers, providers of unhosted wallets, software developers, or miners\u00bb who don\u2019t take custody of funds. <a href=\\\"https:\/\/t.co\/SFXBDAkRWQ\\\">pic.twitter.com\/SFXBDAkRWQ<\/a><\/p>\n<p>\u2014 Jerry Brito (@jerrybrito) <a href=\\\"https:\/\/twitter.com\/jerrybrito\/status\/1465684848773840899?ref_src=twsrc%5Etfw\\\">November 30, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\u201eGood news: Yellen says that the FATF&#8217;s recent guidance on cryptocurrency aligns with FinCEN rules. That is, it does not apply to \\u201chardware wallet manufacturers, providers of non-custodial wallets, software developers, or miners\\u201d who do not take custody of funds,\\u201d commented in the document by Coin Center&#8217;s executive director Jerry Brito.<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">2\/ She also makes it a point to say that guidance is just guidance and not binding on jurisdictions. <\/p>\n<p>This is all from her answers to questions for the record put to her by <a href=\\\"https:\/\/twitter.com\/SenToomey?ref_src=twsrc%5Etfw\\\">@SenToomey<\/a>. You can see the whole document here: <a href=\\\"https:\/\/t.co\/1SDk3dDMp1\\\">https:\/\/t.co\/1SDk3dDMp1<\/a><\/p>\n<p>\u2014 Jerry Brito (@jerrybrito) <a href=\\\"https:\/\/twitter.com\/jerrybrito\/status\/1465684850808172545?ref_src=twsrc%5Etfw\\\">November 30, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\u201eShe also emphasizes that the guidance is merely guidance and not binding on jurisdictions,\\u201d added Brito.<\/p>\n<\/blockquote>\n<p>Coin Center <a href=\"https:\/\/forklog.com\/en\/news\/coin-center-calls-fincens-proposed-cryptocurrency-transaction-regulations-a-threat\">called a threat<\/a> to FinCEN&#8217;s crypto-transaction regulations, including <a href=\"https:\/\/forklog.com\/en\/news\/fincen-to-tighten-anti-money-laundering-rules-amid-rising-threats\">plans to tighten the rules<\/a> for combating money laundering and the financing of terrorism. The changes entail collecting personal information about the parties to deals and the transactions of clients of cryptocurrency companies.<\/p>\n<p>Earlier, FATF <a href=\"https:\/\/forklog.com\/en\/news\/fatf-publishes-final-version-of-its-guidance-for-the-crypto-industry\">published<\/a> a revised and updated version of the guidance for the cryptocurrency industry.<\/p>\n<p style=\\\" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;\\\">   <a title=\\\"View Yellen Responses to Toomey Qfrs on Scribd\\\" href=\\\"https:\/\/www.scribd.com\/document\/543560350\/Yellen-Responses-to-Toomey-Qfrs#from_embed\\\" style=\\\"text-decoration: underline;\\\">Yellen Responses to Toomey Qfrs<\/a> by <a title=\\\"View ForkLog's profile on Scribd\\\" href=\\\"https:\/\/www.scribd.com\/user\/456422024\/ForkLog#from_embed\\\" style=\\\"text-decoration: underline;\\\">ForkLog<\/a> on Scribd<\/p>\n<p><iframe loading=\\\"lazy\\\" class=\\\"scribd_iframe_embed\\\" title=\\\"Yellen Responses to Toomey Qfrs\\\" src=\\\"https:\/\/www.scribd.com\/embeds\/543560350\/content?start_page=1&#038;view_mode=scroll&#038;access_key=key-matwYl7Fo17BD0kSlfQg\\\" data-auto-height=\\\"false\\\" data-aspect-ratio=\\\"0.7729220222793488\\\" scrolling=\\\"no\\\" id=\\\"doc_14257\\\" width=\\\"100%\\\" height=\\\"600\\\" frameborder=\\\"0\\\"><\/iframe><\/p>\n<p>Subscribe to ForkLog&#8217;s news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Facebook<\/a>!<\/p>\n<p>&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Treasury Secretary Janet Yellen said FATF rules align with FinCEN&#8217;s standards regarding the crypto industry and are merely guidance.<\/p>\n","protected":false},"author":1,"featured_media":53843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[971,269,36,1490],"class_list":["post-53842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-fatf","tag-fincen","tag-regulation","tag-us-treasury"],"aioseo_notices":[],"amp_enabled":true,"views":"43","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/53842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=53842"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/53842\/revisions"}],"predecessor-version":[{"id":53844,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/53842\/revisions\/53844"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/53843"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=53842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=53842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=53842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}