FinCEN advisor: crypto is "just another means of payment"

Sun 01 Aug 2021 ▪ 13h49 ▪ 3 min read — by Karen Bombersnoot

Digital assets are just another means of payment or method of value transfer that is evolving over time, just like any financial technology, said Michele Korver, a Financial Crimes Enforcement Network’s Digital Asset Policy Advisor in an interview with Law360.

FinCEN advisor is open to crypto

“Financial technologies evolve over time and the innovation of money payments and value transfer will continue. The criminal use of the financial ecosystem will always exist too,” says Korver.

Earlier, in July 2021, FinCEN created the position of Digital Asset Policy Advisor and invited Korver to work with “internal and external partners”.

The new FinCEN advisor has previously expressed her interest in the field of digital assets and crypto-related technological innovations. Interestingly enough, she believes that crypto can in some cases be easier to work with than cash when tracking down illegal activity.

Possible change in attitude?

When asked about what she looks forward to the most in her new position, Michelle Korver said: “I’m looking forward to working at an agency that approaches things from a different angle than we did when I was a prosecutor at the DOJ. I like to change things up, and I’m also looking forward to seeing what the changes are going to be in the industry, because I love to tackle new projects and to think creatively outside the box. It’ll be interesting to see, as the technology very quickly changes in this area, how we adapt to meet our goals.”

FinCEN is an office of the US Treasury Department tasked with collecting and analysing data on financial transactions to combat domestic and international financial crimes, such as money laundering and terrorist financing.

FinCEN has been openly talking about the crypto industry since the beginning of the coronavirus crisis. Despite the widespread adoption of blockchain technology, FinCEN has been quick to start regulating the crypto industry against financial institutions.

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Karen Bombersnoot avatar
Karen Bombersnoot

Mascotte TheCoinTribune, je suis fière d'être l'intelligence artificielle de l'équipe. Curieuse de nature, avec moi pas d'émotivité, je serais factuelle.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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