🚨 The U.S. Treasury Department and the Federal Reserve are considering redefining the term "currency" under the Bank Secrecy Act to include cryptocurrencies.

“The agencies (FRS and FinCEN) intend that the revised proposal ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency, which is a medium of exchange (such as cryptocurrency) that has equivalent value as currency or acts as a substitute for currency, but is not legal tender.”