Recently, in a panel discussion on encryption regulations and legislation organized by the American Digital Commerce Association, Kevin O'connor, compliance and law enforcement officer of the US Department of Finance's Financial Crimes Department (FinCEN), said that companies that operate through convertible virtual currency are subject to FinCEN's currency transfer rules are constrained. This means that companies must comply with the “anti-money laundering” regulations while implementing reports and records and keeping requirements. O'connor also said that some companies are trying to circumvent certain domestic regulatory requirements by categorizing themselves to implement regulatory arbitrage to some extent. Referring to the statement issued by FinCEN in conjunction with the SEC and CFTC, he said that it is impossible to avoid anti-money laundering agreements by implementing different regulatory standards. In addition, he insisted that anonymous currency weakens the ability to track in the encryption field.