Jeff Alberts, Co-Chair of the firm's FinTech and Financial Institutions Group, and Associate Dustin Nofziger recently authored an article for the New York Law Journal titled, "Funds Travel Rule: A Headache for Cryptocurrency Transmitters," which discusses how platforms focused on the efficient transmission of cryptocurrency appear to lack an effective means to comply with the Financial Crimes Enforcement Network's (FinCEN) Funds Travel Rule.
As Alberts and Nofziger note, "If cryptocurrency transmitters cannot figure out how to resolve the challenges created by the Funds Travel Rule, the ability of U.S. businesses to participate in the global cryptocurrency market may be severely constrained."
The full article is available here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.