On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Eleventh hour note announces intention to propose a change in Foreign Bank and Financial Accounts regulations.
The United States Financial Crimes Enforcement Network, or FinCEN, issued a brief note on Dec. 31, announcing its intention to propose a change in the Bank Secrecy Act, regarding reporting of foreign financial accounts holding digital currency. Currently, digital assets are not covered by the Foreign Bank and Financial Accounts, or FBAR, regulations.
However, the notice indicates that FinCEN wishes to amend these regulations. This would require U.S. citizens to report cryptocurrency accounts held with foreign institutions, if they are more than $10,000 in value.
There is no indication of when this proposal to amend the regulations may be published, simply that there is an intention to propose it.
The note comes just three weeks before an expected change in leadership at the U.S. Treasury Department, as the Trump administration gives way to incoming President Joe Biden’s team.
This follows another proposal by the Treasury Department earlier in December, to monitor cryptocurrencies being transferred from U.S. exchanges to self hosted wallets.
Many in the crypto community have urged users to file comments against this proposal, which is seen by some as a parting shot against cryptocurrencies by current Treasury secretary, Steven Mnuchin.
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