U.S. Department of Commerce plans to investigate related companies on cross-border cryptocurrency transactions

U.S. Department of Commerce's Bureau of Economic Analysis (BEA) proposes rule changes to the BE-180 benchmark survey (mandatory survey form that BEA issues every five years), requiring all U.S. financial services that have conducted cross-border cryptocurrency transactions in fiscal 2019 The company reports. In addition, the cryptocurrency proposal, if implemented, will enable statisticians from the Ministry of Commerce to more accurately see the prevalence of foreign cryptocurrency activity. The survey will target brokers, private equity funds, escrow services, financial consulting, and many others in BEA's broad definition of "financial services." BEA expects 7,000 respondents to respond.