DOJ Crypto Czar Becomes FinCEN Chief Digital Currency Advisor

The United States Financial Crimes Enforcement Network (FinCEN) has in a statement released on Tuesday, July 6, 2021, announced Michele Korver will now serve as Chief Digital Currency Advisor to FinCEN.

In the statement, the agency noted that Korver, formerly in the employ of the United States Department of Justice (DOJ), will work with internal and external partners to develop and implement strategic and ground-breaking solutions. These solutions, it is hoped, will help reduce and eradicate any illegal financial activity and exploitation using cryptocurrencies.

In her previous role, Michele Korver was the Digital Currency Counsel with the DOJ around September 2017. She developed policies on digital currency prosecutions and forfeiture processes and coordinated cryptocurrency-related money-laundering investigations involving different jurisdictions. The cases of money laundering were also prosecuted with those involving the sale of controlled substances, since digital currencies are believed to be the most frequently used means of exchange for illicit goods and services globally.

Earlier this year, she also published a section in the DOJ’s Journal of Federal Law and Practice. The article was on how criminals can use cryptocurrencies and was co-authored with Alexandra Comolli.

The duo established an inverse relationship between crime rate and cryptocurrency adoption. They asserted that previously, activities against dark web operations could affect the price of bitcoin because illicit financial activities have been run on the dark web marketplace. She, however, opined that the number of transactions used to promote or conceal crime had also decreased with the growing adoption of cryptocurrency.

What to Expect from the FinCEN Chief Digital Currency Advisor

In her new role, Korver will advise the Acting Director of FinCEN Michael Mosier on the relationship between Bitcoin adoption and financial crimes. The organization hopes she will throw more light on the subtleties of digital currencies and criminal activities.

Speaking on the development, Mosier said, “Michele brings a wealth of digital currency expertise, and will be a tremendous leader in coordinated efforts to maximize FinCEN’s contribution to the innovative potential for financial expansion of opportunity while minimizing illicit finance risk.”

While there have been no positions like this in FinCEN before now, this is not the first time the agency has hired someone with experience in the blockchain ecosystem. Mosier himself used to work as the Chief Technical Officer at blockchain analysis firm Chainalysis.

Whatever the case, given Korver’s current stance on cryptocurrencies, Mosier is set to receive an interestingly positive perspective.

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