US Treasury Secretary Janet Yellen, in response to Senator Pat Toomey’s request, said the rules FATF comply with the norms FinCEN in relation to the cryptoindustry and are only recommendations.
1 / Good news: Sec. Yellen says recent FATF guidance on cryptocurrency is consistent with FinCEN regulation, ie that it does not cover “hardware wallet manufacturers, providers of unhosted wallets, software developers, or miners” who don’t take custody of funds. pic.twitter.com/SFXBDAkRWQ
– Jerry Brito (@jerrybrito) November 30, 2021
“The good news: Yellen says the recent FATF cryptocurrency guidelines are in line with FinCEN’s rules. That is, they do not apply to “hardware wallet manufacturers, non-custodial wallet providers, software developers or miners” who do not take over the storage of funds, “commented document Jerry Brito, Coin Center CEO.
2 / She also makes it a point to say that guidance is just guidance and not binding on jurisdictions.
This is all from her answers to questions for the record put to her by @SenToomey… You can see the whole document here: https://t.co/1SDk3dDMp1
– Jerry Brito (@jerrybrito) November 30, 2021
“She also emphasizes that the guidelines are just non-binding guidelines,” added Brito.
Previously, the Coin Center, an industry advocacy and advocacy group, called FinCEN’s crypto transaction regulation as a threat, including plans to tighten anti-money laundering and anti-terrorist financing regulations. The changes involve the collection of personal information about the parties to transactions and transactions of clients of cryptocurrency companies.
As a reminder, in October the FATF published a revised and revised version of the guidelines for the cryptocurrency industry.
Yellen Responses to Toomey Qfrs by Cryplogger on Scribd
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