By Nathan Ferguson
The first chief advisor ‘Michele Korver’, appointed by FinCEN (the financial crimes enforcement network) for digital currency, considers that crypto assets are equally another method of payment. On 29th July, she stated to Law360 that crypto works absolutely like the other financial technologies.
Korver mentioned that the new developing technologies are interesting and that she had worked in the crypto space for a considerable amount of time. She added that these technologies evolve gradually with the passage of time, and the crypto sector would continue to work along with the existence of the illegal utilization of the financial ecosystem. Michele was appointed by FinCEN at July’s start. She also worked for almost a decade as a U.S. attorney’s assistant in Colorado, and there she was influential in controlling the drug trafficking company named ‘ItalianMafiaBrussels,’ which was powered by Bitcoin.
FinCEN is a section of the United States Treasury Department to gather as well as examine the data regarding financial transactions in countering the local and across the global financial crimes, including terrorist funding and money laundering. According to her latest appointment, Korver will counsel Michael Mosier (the acting director o FinCEN) and AnnaLouTirol (the deputy director) regarding the systematizing and restriction of illegitimate financial activities.
She specifically highlighted that her main focus would be to contribute in advising FinCEN to adequately carry out its responsibilities through enacting the Act of Bank Secrecy which directly deals with blockchain technology, digital currencies, convertible cryptocurrencies. It was revealed by her that to guarantee the law-abidingness of the financial services providers that use crypto or the institutions that provide a link to such activities and services is the center of attention for FinCEN.
Moreover, she opined that crypto space has turned out to be a re-established bull’s eye for lawmakers because of the previous wave of ransomware strikes that aimed at the prestigious companies and infrastructure of the United States.
On 28th July, a memorandum has been sanctioned by President Biden targeted for contributing to the advancement of cybersecurity of the serious infrastructure after the aforementioned attacks. The memo directed the Treasury Department as well as the Homeland Security Department to set goals regarding the performance of cybersecurity, including all the sectors of infrastructure. It also provided a control system for industrial cybersecurity to strengthen the collaboration among the federal authorities as well as the firms that operate industrial control mechanisms regarding security issues.