Coin Center Criticizes Bank Secrecy Act, Demands Regulation Coin Center, the leading non-profit dedicated to research surrounding cryptocurrencies,
calls the Bank Secrecy Act too “broad” for its own good, according to their most recent report. Published earlier this month,
the report (appropriately titled Broad, Ambiguous or Delegated: Constitutional Infirmities of the Bank Secrecy Act) challenges the adequacy of the Bank Secrecy Act of 1970, claiming that the policy is
“riddled with sweeping powers and expansive terms.”
More specifically,
Coin Center argues that the Bank Secrecy Act’s definition of what constitutes a “financial institution” is too widely ambiguous. “In the Bank Secrecy Act, ‘financial institution’ has a 425-word definition divided into 26 distinct and very specific sub-categories of persons or businesses,” reads the report.
The report from Coin Center then
goes on to extensively list the numerous different sub-entities categorized as such, including travel agencies, investment bankers, pawnbrokers, and commercial banks.
