FinCEN will study the impact of DeFi on financial crime

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Anti-financial networkcrimes (FinCEN) The US intends to explore how decentralized finance (DeFi) influence the situation with crimes in the banking sector.

This was stated by the actingFinCEN Director Himauli Das, adding that the digital asset industry is currently a top priority for the regulator. According to him, FinCEN wants to completely review its infrastructure for combating money laundering and terrorist financing in the crypto industry. The regulator will subsequently submit a report indicating whether additional rules and recommendations are needed.

“We are now actively collaborating withgovernment stakeholders, but we also need to engage with the banking sector to better understand the extent of the problem and the risks associated with the crypto industry,” Das said.

He also added that the potential of DeFi is concerningregulator, since in the future this cryptocurrency sector may displace traditional financial institutions, which are key in the fight against terrorist financing and money laundering. However, the regulator understands that the DeFi industry will inevitably impact the financial and economic system, and FinCEN's job is to keep that impact contained.

Earlier, Ethereum co-founder Vitalik Buterin said that the collapse of the FTX crypto exchange and the subsequent cascade of bankruptcies in the industry confirmed the usefulness and effectiveness of decentralized finance.