FinCEN Appointed First Chief Advisor For Cryptocurrency: Report

The FinCEN appointed Michele Korver as the first chief advisor for cryptocurrency as she previously worked for the Department of Justice so let’s read more in our latest cryptocurrency news today.

FinCEN appointed Michele Korver according to the announcement and now she will be the first Chief Digital Currency Advisor. She previously worked for the Department of Justice but now we can see that the United States Treasury Financial Crimes Enforcement Network is upping the game on crypto. Michele Korver who worked at the Department of Justice will be the first chief digital currency advisor of the FinCEN as the government agency said in the statement.

Korver will work to prevent “illicit financial practices and exploitation” according to the reports, which proposed a few rules that will allow closer monitoring of crypto transfers. FinCEN’s acting director Michael Mosier said:

“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.”

Korver was the digital currency counsel in the DOJ money laundering and asset recovery section and she worked on prosecutions and forfeitures that involve crypto. Korver started her career as a special agent with the US Secret Service and spent over 10 years as an Assistant US Attorney in Denver Colorado. She was a cybercrime and national security prosecutor investigating and prosecuting money laundering and darknet drug trafficking cases. She will now be the first Chief Digital Currency Advisor but won’t be the first in the agency to have a purview over crypto. Acting Director Moiser from Chainalysis, came abroad the agency in 2020 as Deputy Director and FinCEN’s first Digital Innovation Officer. His mandate was to advance FinCEN’s engagement with the new emerging technologies.

Most recently, FinCEN proposed a rule that will require crypto exchanges to perform KYC checks on user wallets and the rule is undergoing further review now but it could lead to an entire user transaction history being exposed and digital privacy non-profit Electronic Frontier Foundation warned. However, Korver’s appointment will likely help FinCEN’s efforts to cut down on crypto-related crime. Since 2009, the agency has levied $183 million in fines for crypto enforcement actions.

Source: https://www.dcforecasts.com/altcoin-news/fincen-appointed-first-chief-advisor-for-cryptocurrency-report/