{"id":48594,"date":"2023-11-18T04:32:16","date_gmt":"2023-11-18T04:32:16","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/coin-center-criticizes-bank-secrecy-act-demands-regulation-coin-center-criticizes-bank-secrecy-act-demands-regulation\/"},"modified":"2023-11-18T04:32:19","modified_gmt":"2023-11-18T04:32:19","slug":"coin-center-criticizes-bank-secrecy-act-demands-regulation-coin-center-criticizes-bank-secrecy-act-demands-regulation","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=48594","title":{"rendered":"Coin Center Criticizes Bank Secrecy Act, Demands Regulation Coin Center Criticizes Bank Secrecy Act, Demands Regulation"},"content":{"rendered":"<div>\n<p><noscript><\/noscript><\/p>\n<p>Coin Center, the leading non-profit dedicated to research surrounding cryptocurrencies, calls the Bank Secrecy Act too \u201cbroad\u201d for its own good, according to their most recent report.<\/p>\n<h2>\u201cRiddled with sweeping powers and expansive terms\u201d<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Published earlier this month, the report (appropriately titled<i> Broad, Ambiguous or Delegated: Constitutional Infirmities of the Bank Secrecy Act)<\/i> challenges the adequacy of the Bank Secrecy Act of 1970, claiming that the policy is \u201criddled with sweeping powers and expansive terms.\u201d\u00a0<\/p>\n<p>More specifically, Coin Center argues that the Bank Secrecy Act\u2019s definition of what constitutes a \u201cfinancial institution\u201d is too widely ambiguous.<\/p>\n<p>\u201cIn the Bank Secrecy Act, \u2018financial institution\u2019 has a 425-word definition divided into 26 distinct and very specific sub-categories of persons or businesses,\u201d reads the report.\u00a0<\/p>\n<p>The report from Coin Center then goes on to extensively list the numerous different sub-entities categorized as such, including travel agencies, investment bankers, pawnbrokers, and commercial banks.<\/p>\n<h2>Definitions and Interpretations<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The report continues that there is a broad sub-category with the definition of financial institution called \u201cmoney transmitters\u201d who are regarded as a \u201clicensed sender of money or any other person who engages as a business in the transmission of funds.\u201d<\/p>\n<p>Coin Center points out the absurdity of the potential interpretation of this definition, going on to note that nearly all businesses will require some sort of transmission of funds.<\/p>\n<p>\u201cPlainly, it appears that a person accepting payment for her labor <i>could<\/i> be included within this definition,\u201d the report reads.<\/p>\n<p>Coin Center continues its scrutiny of the act by stating \u201cthis interpretive flexibility is either a fundamental ambiguity in the statute or it is the mark of a statute with deliberately broad potential application.\u201d<\/p>\n<h2>Regulate and legislate<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The most recent report from the nonprofit comes as wider discussions are being held by both the Senate and the House in the hopes of effectively legislating and regulating the cryptocurrency industry.\u00a0<\/p>\n<p>However, due to political differences, the path to effective governance may not come swiftly.<\/p>\n<p>\u201cWhat you have in the United States is legislative paralysis, executive overreach, and the judiciary trying to control the situation,\u201d said Tim Enneking, Managing Partner at Psalion and CEO of Presearch.com, Inc. \u201cI don\u2019t see that changing really anytime soon because of the split House of Representatives.\u201d<\/p>\n<p>Nonetheless, Coin Center is dedicated to shining a light on the current state of affairs.<\/p>\n<p>\u201cLaws that do not clearly announce their requirements or that cannot be understood by the ordinary people to whom they apply are antithetical to the rule of law,\u201d the report states.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/coin-center-criticizes-bank-secrecy-act-demands-regulation.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coin Center, the leading non-profit dedicated to research surrounding cryptocurrencies, calls the Bank Secrecy Act too \u201cbroad\u201d for its own good, according to their most recent report. \u201cRiddled with sweeping powers and expansive terms\u201d Published earlier this month, the report (appropriately titled Broad, Ambiguous or Delegated: Constitutional Infirmities of the Bank Secrecy Act) challenges the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":48595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-48594","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coin Center Criticizes Bank Secrecy Act, Demands Regulation Coin Center Criticizes Bank Secrecy Act, Demands Regulation | Prosfunds<\/title>\n<meta name=\"description\" content=\"Coin Center, the leading non-profit dedicated to research surrounding cryptocurrencies, calls the Bank Secrecy Act too \u201cbroad\u201d for its own good, according\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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