SEC, CFTC, FinCEN warn encryption industry to comply with US banking law

Heath Tarbert, chairman of the US Commodity Futures Trading Commission (CFTC), Kenneth Blanco, director of the Financial Crime Execution Network (FinCEN), and Jay Clayton, chairman of the US Securities and Exchange Commission (SEC), signed a statement "reminding" participants in the encryption field that they must comply with the United States. A variety of banking and financial services laws, no matter how they call their cryptocurrency or tokens. The joint statement issued by these institutions refers to the Bank Secrecy Act (BSA), which outlines how different financial services companies should register with regulators.