Comment from Evan, Abrams
Evan AbramsSupportAdvocacy
Summary: The Digital Chamber, a trade association representing the digital asset and blockchain industry, expresses strong support for the proposed rule to modernize the Bank Secrecy Act. They argue that the rule's focus on "effectiveness" over "check-the-box" compliance is essential for the digital asset sector, though they request specific clarifications to ensure regulators do not use subjective judgment or impose unworkable "prompt" update requirements.
Please see attached for a letter from Steptoe LLP submitted on behalf of our client The Digital Chamber.