Consulting firm FIN advises US Congress to regulate the encryption industry under the Bank Secrecy Act

According to The Block, the strategic consulting firm Financial Integrity Network (FIN) recommended that the US Congress create a new class of financial institutions under the Bank Secrecy Act (BSA) to regulate companies in the cryptocurrency industry. FIN said in a testimony issued before the Sunday hearing. The new category of Virtual Asset Service Providers (VASPs) should be regulated according to the type of services provided by the new category, and the National Security and International Trade and Finance Subcommittee of the US Senate Banking, Housing and Urban Affairs Committee is scheduled to hold a hearing on Tuesday. David Murray, FIN's vice president of product development and services, will testify at the hearing.