David Murray, vice president of strategic consulting company Financial Integrity Network (FIN), recommended that the US Congress equate cryptocurrency miners with virtual asset service providers (VASPs). He claims that this will help solve the problem of using cryptocurrencies in human trafficking.
So, miners like VASP will have to authorize or restrict the implementation of transactions by network participants, and also check the issuers, exchanges and custodians they serve. In this case, the miners will be regulated in accordance with the Bank Secrecy Act.
The trend toward decentralized and autonomous systems threatens our ability to control access to the U.S. financial system.
VP, Financial Integrity Network
Note that the head of FIN acknowledged that such innovations will make it impossible for some blockchains to work in current implementations.
The Coin Center organization, which is lobbying for the interests of the cryptocurrency industry, has already stated that it is a complete ban on the use of cryptocurrencies by American citizens and enterprises.
It’s couched as regulating but what it would be is an effective ban on American persons or businesses using open blockchain networks because it would require them to use it on a permissioned basis. It’s just a ban on a whole type of technology.
Peter Van Valkenburgh
Director of research, Coin Center
David Murray previously called for the creation of a new category of financial institutions to regulate the activities of cryptocurrency companies in accordance with the Bank Secrecy Act. Now it requires miners to fall within this definition.