Michael Mosier is set to take charge as the new acting director at FinCEN. His new appointment will take effect from April 11.
The Financial Crimes Enforcement Network (FinCEN) has recently announced that they were changing their leadership. According to the announcement, Michael Mosier will be new acting director at the company. Mosier will be taking over from Kenneth A. Blanco, who previously served as the director. Blanco will be leaving his position on April 9 and Mosier will be taking his new position on April 11.
Mosier has joined FinCEN in February 2020 after working for nine months at Chainalysis, which is a blockchain company in New York. At Chainalysis, Moser served as a Chief technical counsel. Prior to his appointment, Mosier worked at FinCEN as a counselor to the Deputy Secretary of the Treasury. He had worked at this role for one month.
For the most part of his career, Mosier has worked at public offices. He served as an associate director at the treasury for Foreign Assets Control. He has also worked at the Department of Justice in the section that deals with money laundering and asset recovery. He has also been a member of the White House National Security Council, where he served as the director for transnational organized crime.
How will Mosier’s new appointment affect crypto?
Mosier’s rile at FinCEN will have a very great impact on the blockchain industry. This is because FinCEN is looking towards increasing regulations around the blockchain industry. The agency seeks to make sure that transactions done on the blockchain are legal and secure. This has recently been achieved after FinCEN instructed crypto companies to comply with the ‘know-your-customer’ rule that removed the anonymity of transactions related to crypto assets.
Because of Mosier’s previous roles in public offices, one of his first acts as the new director at FinCEN will be to make sure that introduced rules are being enforced. He may also impose more strict rules because of the increased demand by government authorities to have crypto transactions monitored and regulated to reduce the risk of money laundering and terrorism. However, because of his recent role at Chainalysis, industry players are waiting to see if he will more lenient to the industry.
FinCEN has made changed to their leadership positions in the recent months. Besides Mosier’s appointment, AnnaLou Tirol, who served as the associate director has also been promoted as the deputy director at FinCEN’s Strategic Operations Division.
