Key Takeaways
- The U.S. plans to redefine 'money' under the Bank Secrecy Act.
- Bitcoin transactions will face the same reporting mandates as fiat transfers.
- A formal proposal is expected by September 2025.
The U.S. Treasury and Federal Reserve have announced plans to redefine “money” under the Bank Secrecy Act, extending reporting mandates to cryptocurrency and digital asset transfers. This effort is part of the semiannual regulatory agenda issued by the Treasury on August 16, aiming to bring crypto under the same regulatory framework as traditional fiat currencies.
According to the agenda, the revised proposal will ensure that domestic and cross-border transactions involving convertible virtual currencies are treated similarly to fiat currencies for financial reporting. This includes cryptocurrencies and digital assets that act as currency substitutes but lack legal tender status, such as central bank digital currencies (CBDCs).
The formal notice of proposed rulemaking is expected in September 2025, pending clearance. This move follows other regulatory shifts in the U.S., including a recent proposal by the Department of Justice to update guidelines for crimes involving artificial intelligence.
In another related event, the U.S. government transferred approximately 10,000 Bitcoin linked to a previous Silk Road raid, demonstrating its continued involvement in high-profile cryptocurrency transactions.
