Coin Center Criticizes Bank Secrecy Act, Demands Regulation

Crypto News
Crypto News

17 Nov 2023 9:35 PM

Coin Center, the leading non-profit dedicated to research surrounding cryptocurrencies, calls the Bank Secrecy Act too “broad” for its own good, according Coin Center Criticizes Bank Secrecy Act, Demands Regulation...

  • Coin Center, a leading non-profit focused on cryptocurrency research, has released a report criticizing the Bank Secrecy Act of 1970.
  • The report argues that the Act's definition of "financial institution" is too broad and ambiguous.
  • Coin Center highlights the inclusion of various sub-entities, such as travel agencies and investment bankers, within the Act's definition.
  • The report also points out the potential interpretation that nearly all businesses could be considered "money transmitters" under the Act.
  • The nonprofit's report coincides with ongoing discussions in the Senate and House regarding cryptocurrency regulation.
  • However, political differences may hinder the swift implementation of effective governance.
  • Coin Center emphasizes the importance of clear laws that can be understood by the general public.

The sentiment of the article is mostly negative. Coin Center criticizes the Bank Secrecy Act for its broad and ambiguous definition of "financial institution" and expresses concern about the potential implications for businesses. The mention of legislative paralysis and political differences further adds to the negative sentiment.

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You May Ask

What is Coin Center's stance on the Bank Secrecy Act?What is the main criticism of the Act's definition of "financial institution"?Which sub-entities are included in the Act's definition according to Coin Center's report?What potential interpretation of the Act's definition does Coin Center highlight?What challenges are faced in legislating and regulating the cryptocurrency industry?

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