Cryptocurrency

U.S. Treasury Division to Rent Crypto Coverage Officers to Battle Trade Crimes

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The U.S. Treasury Department is seeking expert advice on cryptocurrencies to help address the legal challenges associated with the industry.

The US Treasury Department's Financial Crimes Enforcement Network [FinCEN] has published two applications for crypto politicians. The agency is seeking expertise on crime related digital assets.

The two full-time and permanent positions, released on Dec. 12, are aimed at professionals specializing in crypto-related financial threats and risks to "help develop policy responses to these challenges." FinCEN expects new policy officers to provide insights into a variety of areas such as digital identity, regulatory and financial technology.

The agency said GS-14 and GS-13 positions require at least one year of professional experience on a related skill level, commensurate with grade levels in the federal service. FinCEN stated that the salary for both positions is between $ 102,663 and $ 157,709 per year.

FinCEN stressed that it expects new experts to perform "extremely complex and sensitive tasks" related to crypto, including providing advice and other guidance to financial institutions.

FinCEN's latest move apparently shows that the agency is somewhat receptive to industry feedback on the US Treasury's alleged ban on so-called "self-hosted" crypto wallets.

As reported at the beginning of December, the rumored blockade provides for rules to ban or severely restrict "self-hosted" cryptocurrency wallets – a somewhat ambiguous categorization of self-managed private keys. On December 9, several members of congressional officials, including Warren Davidson and Tom Emmer, spoke out against the allegedly impending ban, arguing that the action would hamper American leadership and technological innovation.

Key industry metrics such as Circle CEO Jeremy Allaire subsequently joined in, stressing that such an initiative doesn't take into account the real risks in the crypto industry.

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Melinda Martin