FinCEN's new rule will protect Americans and accelerate cryp

FinCEN's new rule will protect Americans and accelerate cryptocurrency's adoption
Marshall Hayner, opinion contributor
© The Hill Illustration
FinCEN's new rule will protect Americans and accelerate cryptocurrency's adoption
The Financial Crimes Enforcement Network (FinCEN) is an important government institution that strives to safeguard the American people from money laundering, fraud, funding for terrorists, and other dangerous activities that disenfranchise or harm innocent people. Recently, FinCEN ​proposed a new rule​ that would require cryptocurrency wallets hosted by financial institutions in the U.S. to be tied to verified identities. The initial response to this news from the cryptocurrency community was one of confusion and anger, and I understand why. However, I would like to provide some needed context and explain why I think this could be a benefit to both the cryptocurrency community and the United States in general.

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