FinCEN Hires Its First-Ever Chief Advisor for Digital Assets

Domestic and international financial crime prevention authority, FinCEN, creates a new post of Chief Advisor for Digital Assets and fills the post by hiring an ex-DOJ officer and former Federal Prosecutor, Michele Korver, in the place.

Financial Crimes Enforcement Network (FinCEN), a US authority, is busy explaining to the Government and Americans that digital assets are prone to misuse. It is because of the efforts of FinCEN that the issue of crypto has been listed in the top priority items of the Federal agenda.

For years, the authority was rendering top-class services for the prevention of financial crimes domestically as well as internationally. However, the authority was faced with a difficult challenge when it had to deal with digital assets. While the public’s interest had never dropped down a bit in digital assets, yet crypto crimes were storming in the US and worldwide. This started a war in which on one side was public interest and on the other was misuse and abuse of crypto. If authority tried to go after crypto, there was a reaction from the public and, resultantly, FinCEN had to back down. The authority became toothless when it had to deal with the issues arising out of crypto.

But the growing misuse of crypto for conducting crimes of organized nature has now become a state issue. The US authorities have realized that they have to take some extraordinary measures against crypto. The growing number of crypto-ransomware attacks have forced the present US Government to give teeth to FinCEN. Once again, FinCEN is back on its feet and in action, trying to prevent domestic and international crypto crimes.

For this very objective, FinCEN has hired key personnel which includes the most important job of Chief Advisor of digital currencies. It has been announced by FinCEN that it had hired some new persons who are specialized in crypto. For instance, it has been told by FinCEN that Michele Korver has been appointed as the Chief Advisor for digital currency. It has been reported further that before Korver’s appointment there was no such post of a chief advisor for crypto in FinCEN. This is therefore a new post generated within FinCEN for the purposes of crypto.

On the other hand, Michele Korver is an experienced professional who had worked in the US Government earlier. Her last government job was at the office of the US Department of Justice. Before the DOJ’s office, she remained as Federal Prosecutor for over a period of 20 years.

FinCEN has informed that Korver will directly report to FinCEN’s director. Her job profile would also include coordinating with local and foreign regulators/partners for ensuring the crucial role of FinCEN in the crypto space.

In the meantime, FinCEN has said that it will continue its struggle to prevent crypto crimes. It said that by all means, the misuse of digital assets has to be stopped.