Bitcoin News Thebittimes.Com

The Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rule making that would escalate the mixing of convertible virtual currencies to a “primary money laundering concern.” If implemented, these new and more stringent rules will impact not only dedicated tumblers like Tornado Cash but service providers that use basic privacy protocols like Bitcoin ’s coinjoin. FinCEN cited malicious actors’ use of crypto-mixing services to launder illicit proceeds. The bureau highlighted Hamas, Palestinian Islamic Jihad, Russian criminal groups, and the Democratic People’s Republic of Korea. The Palestinian Islamic Jihad, for example, recently received millions of Tron-based USDT. Hamas reportedly received some $450,000 in digital asset donations which Israeli authorities have since seized. The notice of proposed rule making explains FinCIN’s goals of greater compliance practices for coin mixers. It says heightened transparency will improve FinCIN’s ability to deny stat...

“The change should help MicroStrategy and other companies that hold digital assets to eliminate the poor optics that have been created by impairment losses,” said analysts from Berenberg Capital. The United States Financial Accounting Standards Board’s new rules for crypto accounting will eliminate the “poor optics” that plagued companies holding digital assets, according to analysts from Berenberg Capital. On Sept. 6, the U.S. Financial Accounting Standards Board (FASB) approved new rules for crypto currencies with regard to how companies report the fair value of their holdings on their balance sheets. In a follow-up analyst note from Berenberg’s senior equity research analyst Mark Palmer, the analyst argued the changes would be particularly beneficial for companies such as Microstrategy, who will soon be able to report their digital asset holdings each quarter without having to realize impairment losses. “The change should help MicroStrategy and other companies that hold digital as...