Now that President Biden has created a cryptocurrency prosecutorial and investigative team, the next logical step is to sign an Executive Order to curtail the flow of bitcoin and other cryptocurrencies, making it challenging for criminals to use cryptocurrencies to purchase U.S. goods and services. The Executive Order should:
- Prohibit any U.S. governmental entity from transacting in cryptocurrency and mandate that any entity that contracts with the U.S. government must attest that they do not engage in any transactions involving cryptocurrency; and
- Direct The Financial Crimes Enforcement Network of the U.S. Treasury (FinCEN) to require U.S. taxpayers holding more than $10,000 of cryptocurrency offshore to file FinCEN Form 114, known as the FBAR, to report these holdings.
‘Enforcement 40’ for 2020
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