FinCEN CDCA says cryptos just like any financial technology

Published On: July 30, 2021Categories: Alternative Investments1.4 min read

Chief digital currency advisor for the FinCEN said the innovation of money payments and value transfer will continue

The first-ever chief digital currency advisor (CDCA) for the Financial Crimes Enforcement Network’s (FinCEN), Michele Korver, believes crypto assets are just another way of transferring value.

Speaking to Law360 on Thursday, the newly appointed Korver said cryptocurrency was just another means of payment or value transfer that’s developed over time, just like any financial technology.

Korver described the digital asset sector as a natural evolution.

Financial technologies evolve over time and the innovation of money payments and value transfer will continue, she said. The criminal use of the financial ecosystem will always exist too. Personally, I’ve worked in this space for a long time, and I think these emerging technologies are cool and interesting.

Korver was appointed to FinCEN at the start of July. Earlier, she was the digital currency counsel for the U.S. Department of Justice, and spent a decade working as an assistant U.S. attorney in Colorado.

FinCEN is a bureau of the U.S. Department of the Treasury which collects and analyzes financial transaction data to combat domestic and international financial crimes, such as money laundering.

In her current role, Korver will advise FinCEN acting director Michael Mosier, and deputy director AnnaLouTirol, in strategizing the prevention of illicit financial practices.

For me specifically, I’ll be assisting FinCEN with its responsibilities for enforcing the Bank Secrecy Act as it relates to Convertible Virtual Currency, digital currencies and blockchain technologies, she said. That includes ensuring compliance among those who provide financial services involving crypto or who serve as financial gatekeepers of these types of products and activities.

Korver believes that crypto has become a renewed focus for lawmakers amid the recent spate of ransomware attacks targeting high-profile U.S. companies and infrastructure.

About the Author: Jonathan Adams

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