The United States is considering amending the Bank Secrecy Act to strengthen financial institutions’ reporting requirements for cryptocurrency transactions

The U.S. Department of the Treasury (DOT) released a semi-annual regulatory agenda on August 16, revealing the federal government’s upcoming efforts to level the regulatory playing field for cryptocurrencies and traditional fiat currencies. The Board of Governors of the Federal Reserve (FRS) and the Financial Crimes Enforcement Network (FinCEN) plan to amend the meaning of “currency” as used in the Bank Secrecy Act (BSA) to strengthen financial institutions’ reporting requirements for domestic and cross-border cryptocurrency transactions. According to the agenda: “The agencies (FRS and FinCEN) expect the revised proposal to ensure that the rule applies to domestic and cross-border transactions involving convertible virtual currencies that have a value equivalent to currency or can serve as a substitute for currency but lack legal tender status.” However, the proposal also extends reporting requirements to digital assets that have legal tender status, including central bank digital currencies (CBDCs). The final notice of proposed rulemaking is currently scheduled for September 2025, subject to approval. (Cointelegraph)