Governments are becoming increasingly interested in the surveillance of cryptographic transactions, as suggested by the hiring of FinCEN.
The Financial Crimes Enforcement Network (FinCEN) has just hired the former technical director of Chainalysis as its new interim director, a hire that reflects the federal government’s growing interest in the growing cryptocurrency industry.
Michael Mosier will take office on April 11 after the departure of current director Kenneth A. Blanco, who announced his resignation.
Blanco’s management at FinCEN was marked by his position that the growing crypto industry is subject to existing regulations and, as such, does not require its own legal framework.
Most recently, Mosier served as Advisor to the Deputy Treasury Secretary, which he took on last month after serving as FinCEN’s Deputy Director and first Digital Innovation Officer.
Joining Mosier is AnnaLou Tirol, former associate director of FinCEN’s Strategic Operations Division, who will now serve as deputy director of FinCEN.
Prior to his trip as assistant secretary and his new job at FinCEN, Mosier was the technical director of blockchain surveillance company Chainalysis. Mosier held the position from June 2019 until February 2020, when he joined FinCEN for the first time. FinCEN, a US Treasury agency, serves as the U.S. financial intelligence unit.
Established in 2014, Chainalysis uses public blockchain data to track and anonymize cryptocurrency transactions for law enforcement officials, private companies and government agencies. The company’s software has been used by public and private entities to track foreign exchange hacks and locate illicit transactions. With the new bullish cryptocurrency market, Chainalysis and its products have found favor with U.S. state and federal agencies.