US Treasury Bulking Up Crypto Policy Consultants as Wallet Reg Rumors Churn
The Financial Crimes Execution Network (FinCEN), the top financial offenses watchdog within the U.S. The Treasury Department is signing two policy officers to aid draft regulations for the cryptocurrency space.
Revealed in Dec. 11 job placements, these Strategic Policy Officers will “support in the development of policy responses” to “threats” stood by cryptocurrency, issued advisories to financial institutions and cooperate across government and the private sector on the crypto policy.
The effectiveness of the listings is remarkable. Just two weeks preceding, Coinbase CEO Brian Armstrong strengthened rumours that Treasury Secretary Steven Mnuchin would haste out self-hosted wallet guidelines that Armstrong guessed could cripple the industry.
The Block moving ahead illustrated what those guidelines might look like late Thursday night.
Whether those principles will truly arrive, what they would look like and if they would continue after President-elect Joe Biden and his chosen Treasury Secretary nominee Janet Yellen takes office is yet to be firm.
But the details of the Dec. 11 listings specify that FinCEN is keen to boost its crypto base chops irrespective of who runs Treasury. Both top secret-clearance smooth jobs are permanent, full-time places. Given the necessities that applicants have experience recruiting, strategizing and investigating crypto policy, it’s safe to say FinCEN is only involved in subject-matter experts.
That could be the change between making effective cryptocurrency regulations and the kind of knee-jerk crackdowns Armstrong warned against. Crypto industry promoting group the Blockchain Association told CoinDesk at the period of Armstrong’s tweet that it was “aggressively educating” policymakers to fix “misunderstandings” around self-hosted wallets.
To correctly regulate developing industries, especially the crypto economy, in the most lively and approachable way requires officials in government to have true 21st-century know-how and knowledge, Executive Director Kristin Smith told CoinDesk Thursday. We have been fortified by the kind of talent FinCEN has attracted over the past numerous years. It is inspiring that they are considering adding even more applicable expertise with this new hire.
CBW - External Analyst