Interesting statement by Treasury DepSec at FinCEN's Bank Secrecy Act Advisory Group, re: BSA modernization. Signaling implementation adjustments (subj. to statutory limitations). Recognizing "both the direct & indirect costs, including the potential for unintended consequences."

Link to the full statement:

Perhaps will revisit FinCEN’s support for Privacy Enhancing Technology: “FinCEN encourages participation by companies developing solutions to privacy issues, such as homomorphic encryption, zero-knowledge proofs, & other technology that balances privacy & financial integrity.”

Prior “Innovation Hours Program Workshop on Privacy Enhancing Technologies”: