The United States federal authorities are considering imposing stricter reporting obligations for crypto transactions, both domestic and international.
On August 16, the US Department of the Treasury released its semiannual regulatory agenda, revealing efforts to bring the cryptocurrency regulatory framework in line with that of traditional fiat currencies.
As part of the efforts, the Board of Governors of the Federal Reserve System (FRS) and the Financial Crimes Enforcement Network (FinCEN) are planning to update the definition of "money" under the Bank Secrecy Act, a legislation that targets money laundering activities.
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The Treasury's agenda states:
The <FRS and FinCEN> intend that the revised proposal will ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency, which is a medium of exchange (such as cryptocurrency) that either has an equivalent value as currency, or acts as a substitute for currency, but lacks legal tender status.
This proposed change will also extend to digital assets with legal tender status, including central bank digital currencies (CBDCs), requiring financial institutions handling these assets to follow the same reporting standards as they do for traditional money.
The regulatory changes are still in the early stages, with the final proposed rulemaking expected by September 2025.
Overall, this initiative highlights the increasing significance of cryptocurrencies in the traditional financial sector.
In other news, on July 29, the US Government transferred $2 billion worth of Bitcoin from a wallet holding assets seized from the Silk Road marketplace.
