{"id":111576,"date":"2020-11-13T22:52:54","date_gmt":"2020-11-13T19:52:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/law-decoded-of-aml-and-appointees-nov-6-13\/"},"modified":"2020-11-13T22:52:54","modified_gmt":"2020-11-13T19:52:54","slug":"law-decoded-of-aml-and-appointees-nov-6-13","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/law-decoded-of-aml-and-appointees-nov-6-13\/","title":{"rendered":"# Law Decoded: Of AML and appointees, Nov. 6\u201313"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a3b6898b9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a3b6898b9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-of-aml-and-appointees-nov-6-13\/#Editors_note\" >Editor&#8217;s note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-of-aml-and-appointees-nov-6-13\/#Brooks_journey_through_the_congressional_wringer\" >Brooks\u2019 journey through the congressional wringer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-of-aml-and-appointees-nov-6-13\/#Biden_onboards_blockchain_professor_to_transition_team\" >Biden onboards blockchain professor to transition team<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-of-aml-and-appointees-nov-6-13\/#Exchanges_begin_re-registering_in_the_Netherlands\" >Exchanges begin re-registering in the Netherlands<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-of-aml-and-appointees-nov-6-13\/#Further_reads\" >Further reads<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Law Decoded: Of AML and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointees, Nov. 6\u201313 <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjAtMTEvYTJhYmQ1NmYtMjhjYS00NmVjLWJjYzQtMTczNDgwNmRmOWJjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a><em>Every Friday, Law Decoded delivers analysis on the week\u2019s critical stories in the realms of policy, regulation and law.<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Editors_note\"><\/span>Editor&#8217;s note<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In the United States, as President Donald Trump stonewalls any efforts at transitioning to a new administration, all eyes are on Joe Biden\u2019s potential team and any hints as to candidates for major appointed positions.\u00a0<\/p>\n<p>Further complicating the set up of a presidential roster is that most presidential appointments require Senate approval. The Senate, meanwhile, is waiting until January for a run-off election in Georgia to establish a majority. So, as with everything else, we in the states are in limbo. <\/p>\n<p>It is a fair bet that any Biden appointee to Treasury Secretary will be less overtly antagonistic to crypto than Steven Mnuchin. But at the same time, at regulators like the Securities and Exchange Commission and the Commodity Futures Trading Commission, Republican Trump appointees have taken the lead in pushing for clarity on rules governing digital assets. We\u2019ll look at the case of Brian Brooks, whose status as Acting Comptroller of the Currency may not survive a new administration. <\/p>\n<p>At the same time, crypto exchanges have been stepping up their compliance with new Anti-Money Laundering regimes \u2014 one of the most resilient criticisms that governments level at the entire industry. As regimes are adapting, industry players are clearly adapting to regimes.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Brooks_journey_through_the_congressional_wringer\"><\/span>Brooks\u2019 journey through the congressional wringer<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Witnesses from federal financial regulators appeared before House and Senate committees to testify as to the state of their work in the still-ravaged economy. <\/p>\n<p>Among those witnesses was Brooks, who has headed the Office of the Comptroller of the Currency since May. The OCC is the Treasury office that regulates federal banks. Brooks joined the office from Coinbase\u2019s legal team and has, consequently, been eager to push forward a pro-crypto agenda. <\/p>\n<p>While these crypto developments have made for some huge announcements for Cointelegraph\u2019s readership, it has rubbed a number of the Democrats on the House Financial Services Committee the wrong way. Several signed onto a letter effectively telling Brooks to slow his roll on crypto guidance for major institutions in favor of work to bank the unbanked.<\/p>\n<p>To be fair, this stance is not entirely new. The FSC\u2019s chairwoman, Maxine Waters (D-CA), chastised Brooks and his predecessor, Joseph Otting \u2014 both Republicans \u2014 extensively for crippling the Community Reinvestment Act back in the spring. <\/p>\n<p>What\u2019s critical to watch in this case is that Brooks was never confirmed to his position, stepping in as he did to replace Otting during an election year in which his office was low on the priority list to confirm. Brooks\u2019 position is, therefore, somewhat tenuous. A Biden presidency, especially without a Senate majority, is not going to look to sweep Republicans from all appointed positions. But what the Democrats of the FSC are doing is establishing a more aggressive line that either Brooks or a successive comptroller will need to toe.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Biden_onboards_blockchain_professor_to_transition_team\"><\/span>Biden onboards blockchain professor to transition team<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Gary Gensler, who served as chairman of the CFTC under the Obama administration, will be joining Biden\u2019s transitional team as an expert on financial policy. <\/p>\n<p>The big <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> for crypto here is that Gensler teaches on blockchain and digital currency at MIT, making him likely the first person advising an incoming president with his degree of expertise in the area.<\/p>\n<p>During his time at the CFTC, Gensler was at the helm during the implementation of Dodd-Frank (2010), the act that sought to bring finance in line following the calamity of 2008. He was, therefore, a feared figure among Wall Street for efforts like shining a light on swap markets, which had been fairly lawless prior to Dodd-Frank.<\/p>\n<p>While Gensler\u2019s familiarity with crypto is obviously a plus, his priorities have historically suggested that he will be more assertive with regulating the industry, likely continuing an existing charge to stamp out openings for money laundering on crypto platforms. But while the Trump administration has a reputation for rolling back a lot of financial regulation writ large, his appointees have been fairly dogged in rounding up crypto exchanges. So, it\u2019s likely only a good thing that maybe the person doing the rounding up at least knows something about the business and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Exchanges_begin_re-registering_in_the_Netherlands\"><\/span>Exchanges begin re-registering in the Netherlands<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At the beginning of the year, the Netherlands announced new measures to comply with Europe\u2019s new 5th Anti-Money Laundering Directive, leading to a minor exodus of crypto firms. <\/p>\n<p>The new requirements include registration for all crypto service providers, due at the end of the year. The first of these have started to roll in. <\/p>\n<p>Among the first tranche of registered firms, most are institution-facing, with only one currently catering to retail clientele. Nonetheless, it\u2019s meaningful that these firms can survive. 5AMLD is new in treating fiat-to-crypto exchanges as \u201cobliged entities,\u201d meaning they have to do the same Know Your Customer due diligence as traditional financial services. It\u2019s a controversial requirement, especially given the crypto community\u2019s long-standing attachment to privacy. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Further_reads\"><\/span>Further reads<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Blockchain Association leader Kristin Smith <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=u8VhccRVt3M\">talks<\/a> crypto and a Biden administration with Circle\u2019s Jeremy Allaire. <\/p>\n<p>The crew at Coin Center <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/coincenter.simplecast.com\/episodes\/jerry-brito-and-peter-van-valkenburgh\">digs into<\/a> AML, privacy and the role of FinCEN in tracking digital asset exchanges. <\/p>\n<p>Ross Todd <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.law.com\/2020\/11\/09\/a-modern-robin-hood-what-its-like-to-rep-someone-who-hands-over-1b-in-stolen-bitcoin-to-the-feds\/?slreturn=20201013142854\">interviews<\/a> the attorney who represented the enigmatic \u201cIndividual X,\u201d who turned over $1 billion in crypto to the Department of Justice last week.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/law-decoded-of-aml-and-appointees-nov-6-13\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Law Decoded: Of AML and appointees, Nov. 6\u201313 &#8221; Every Friday, Law Decoded delivers analysis on the week\u2019s critical stories in the realms of policy, regulation and law. Editor&#8217;s note In the United States, as President Donald Trump stonewalls any efforts at transitioning to a new administration, all eyes are on Joe Biden\u2019s potential&#8230;<\/p>\n","protected":false},"author":1,"featured_media":111577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/a2abd56f-28ca-46ec-bcc4-1734806df9bc.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74859,75422,79976,18776,70934,67874],"class_list":["post-111576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-aml","tag-cftc","tag-mit","tag-netherlands","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/111576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=111576"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/111576\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/111577"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=111576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=111576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=111576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}