WASHINGTON— Just how decentralized finance may affect efforts to stop financial crime is the subject of a new initiative by the Financial Crimes Enforcement Network (FinCEN), which is seeking feedback from various stakeholders.
FinCEN said it is “looking carefully” at DeFi, while the agency’s acting director, Himamauli Das, said the digital asset ecosystem and digital currencies are a “key priority area” for the agency, Cointelegraph reported.
The acting director, during a recent banking conference, said the agency is “taking a close look” at its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework for cryptocurrencies and digital assets to decide if “additional regulations or guidance are necessary,” Cointelegraph said.
Engaging With Stakeholders
“We are engaging with relevant U.S. government stakeholders in this effort,” said Das. “We welcome engagement with industry — including the banking community — to better understand your assessment of the vulnerabilities and risks.”
In particular, the regulator was concerned at DeFi’s “potential to reduce or eliminate the role of financial intermediaries” that are critical to its AML and CFT efforts, the report added.
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