Blockchain Week in Review – September 2019 #3 | Perkins Coie

U.S. Developments

REGULATORY

House Passes Bill to Review How Blockchain Technology Can Improve FinCEN

The U.S. House of Representatives passed a bill sponsored by Anthony Gonzalez (R-OH) that requires the Director of the Financial Crimes Enforcement Network (“FinCEN”) to carry out a study on the status of implementation and internal use of blockchain and other emerging and innovative technologies to determine whether they can be leveraged to make FinCEN’s data analysis more efficient and effective, including ways to improve the dissemination of information it collects and stores to better support its investigations.

Representative Gonzalez stated that his “bill makes sure that we are using the best technology we have available to find and stop the money laundering that makes all these crimes not only possible, but financially profitable for cartels, traffickers, and terrorists.” The bill now resides with the U.S. Senate for consideration.

House Financial Services Committee Holds Hearing regarding Oversight of the SEC

The U.S. House of Representatives Committee on Financial Services held a hearing on September 24, 2019 relating to digital assets titled “Oversight of the Securities and Exchange Commission [SEC]: Wall Street’s Cop on the Beat.” As part of the hearing, the SEC delivered testimony that largely covered its mission, strategic plan, current initiatives and regulatory and policy agenda. It was the first time since 2007 that all five Commissioners testified before the Committee. The three-plus hour hearing can be viewed here.

INDUSTRY

FinCEN Director Speaks at FedID Forum and Exposition

Kenneth A. Blanco, Director of the Financial Crimes Enforcement Network (“FinCEN”) delivered prepared remarks at the 2019 Federal Identity (FedID) Forum and Exposition in Florida. Therein, Director Blanco discussed how illicit actors leverage identity to commit criminal acts and how FinCEN uses identity to protect national security. Director…

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