US Regulators to Reduce Compliance Costs for Crypto Companies Grabowska
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Sept. 15, 2020
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The Conference of State Bank Supervisors (CSBS) will present new regulatory rules for money services businesses, including the crypto-focused ones on Tuesday, Reuters has learned.

The new guidelines will undergo a single exam by a joint group of state regulators, instead of dozens of individual state exams.

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With the new rules, money transmitters like Western Union, PayPal, and crypto firms will be able to more easily expand across the United States.

CSBS President and CEO, John Ryan, claims that the US states will be able to share information from the exams and reserve the right to launch independent examinations if they want.

"The states are not giving up authority. They are realizing efficiencies by sharing information," Ryan told Reuters.

In August, the US authorities announced they had taken control of the crypto funds of three major terrorist financing campaigns. During the operation, they seized around 300 BTC addresses allegedly used to finance terrorist organizations such as ISIS, al-Qaeda and Hamas.

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According to authorities, the operation is the "largest-ever seizure of cryptocurrency in the terrorism context."

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