FinCEN appoints its first-ever chief cryptocurrency advisor in person of Michele Korver, she’s to work hand-in-hand with other partners to combat illegal activities in the uncontrolled digital currency market.
Michele Korver has been named as the first-ever chief cryptocurrency advisor by the Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury Department. Before joining FinCEN, Korver had a long career with the US Department of Justice.
Michael Mosier, acting director of FinCEN, stated,
“Michele brings a wealth of digital currency expertise and will be a tremendous leader in coordinated efforts to maximize FinCEN’s contribution to the innovative potential for financial expansion of opportunity while minimizing illicit finance risk.
Korver would be in charge of strengthening FinCEN’s position as a leader in the emerging bitcoin field. She’d also collaborate with internal and external partners to develop strategic solutions for combating illegal activities in the uncontrolled digital currency market.
Her years as the US Treasury Department’s crypto counsel, where she assisted government attorneys and federal agents countrywide on digital currency concerns, could explain her nomination as the top financial watchdog’s first crypto chief advisor.
FinCEN’s hiring demonstrates the US government’s growing interest in crypto market laws. The new appointee will assist the financial law enforcement agency in pursuing enterprises that may pose a risk to investors.
The growing popularity of cryptocurrencies around the world, particularly in the United States, has presented regulatory concerns. In the absence of official restrictions, it is up to these regulatory watchdogs to protect consumers from such scams.
Gary Gensler, the new chairman of the US Securities and Exchange Commission, has advocated for tougher regulatory rules to safeguard investors.
Gensler was considered a pro-crypto figure by the digital currency industry due to his knowledge of the area. Many supporters of the crypto market had hoped that Gensler’s appointment would pave the way for more favourable rules.
However, based on the first few regulations proposed or passed under his authority, he appears to be sticking to his guns.
The biggest disappointment was the SEC’s inability to make a judgment on a Bitcoin ETF, despite the fact that many hoped that a trillion-dollar market cap and increased institutional demand would persuade the SEC to authorize a Bitcoin-based ETF in the US.