In a copy of FIN testimony published ahead of a hearing on Sept. 3, FIN recommended that virtual asset service providers (VASPs) should be regulated based on the particular service or services that they provide with emphasis on promoting system-wide governance.
FIN’s vice president for product development and services, David Murray, noted that some VASPs are currently regulated as money transmitters under the BSA, while others are not regulated at all. Murray continued by saying:
“Even for those VASPs currently regulated as money transmitters, the regulations are insufficient to protect virtual assets from exploitation.”
Too late. We already have a full blown revolution in Hoing Kong that uses Telegram crypto tech to organize. No one is giving up the capability.
Suggest instead that regulators accept Secure ID, and use BSA contract requirements for dollar users. Secure ID will obey the BSA rules as long as the human submits a thumb print. That is the best that regulators can do, and after that they are stuck with forensic accounting tools.
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