WASHINGTON—The definition of “money” is being revised by a number of federal agencies as part of a broader effort to tighten reporting requirements for financial institutions handling local and cross-border cryptocurrency transactions, according to a new report.
Treasury announced the regulatory initiative in its semiannual agenda issued on Aug. 16, with the final notice of proposed rulemaking expected to be issued in September 2025, pending regulatory clearance, Finance Feeds reported.
The agenda, which includes input from the Board of Governors of the Federal Reserve System (FRS) and the Financial Crimes Enforcement Network (FinCEN), outlines plans to amend the Bank Secrecy Act to encompass cryptocurrencies under its definition of “money.” Finance Feeds explained.
Under Reporting Rules
“This move is intended to bring cryptocurrencies, often used as a medium of exchange but lacking legal tender status, under the same reporting rules as traditional fiat currencies,” the report states. “According to the agenda, the proposed changes ensure that the revised rules will apply to transactions involving convertible virtual currencies, which either have equivalent value to currency or serve as a substitute.”