Financial Regulator FinCEN Hires its First Chief Digital Currency Advisor

Divya  |  Jul 7, 2021

The Financial Crimes Enforcement Network(FinCEN) of the United States announced that it has hired its first-ever chief digital currency advisor. The agency has recruited Michele Korver, a former federal prosecutor who served the Justice Department for 20 years. In a statement published on its website, the agency stated that Korver will advance "FinCEN’s leadership role in the digital currency space by working across internal and external partners toward strategic and innovative solutions to prevent and mitigate illicit financial practices and exploitation.”

FinCEN Recruits Former Federal Prosecutor as Digital Currency Advisor

Korver is a familiar name in the digital assets industry as she served the Justice Department’s criminal division in the capacity of a digital currency counsel. She has also worked with the Treasury Department’s Financial Stability Oversight Council, where she developed cryptocurrency seizure and forfeiture policy and legislation. 

The agency’s acting director Michael Mosier commented on Korver’s past accomplishments and stated, “Michele brings a wealth of digital currency expertise, and will be a tremendous leader in coordinated efforts to maximize FinCEN’s contribution to the innovative potential for financial expansion of opportunity while minimizing illicit finance risk.” 

Mosier, who also has a background in cryptocurrencies, was recently appointed the acting director and new deputy director of FinCEN on April 2, 2021.

FinCEN Targeting Cryptocurrencies Due to Money Laundering

Cryptocurrency regulation is a core focus for FinCEN, which has centered its recent attempts at countering money laundering and terrorism financing around the crypto sector. Earlier this month, the agency shared that oversight of crypto transactions is its highest national priority. 

FinCEN has also targeted unhosted crypto wallets, based on the belief that they inflate the risk of money laundering. Similar concerns were also voiced by the Financial Action Task Force, an international policy-making body responsible for Anti-Money Laundering(AML) standards.

Regulators in the US are consistently pushing for a framework to regulate the country’s crypto market. For instance, Securities and Exchange Commission(SEC) chairman Gary Gensler has previously urged Congress to pass legislation that regulates digital assets and exchanges for investor protection.

 

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