Recently, the US Treasury announced revisions to the Bank Secrecy Act aimed at increasing reporting requirements for financial institutions on cryptocurrency transactions. This move seeks to establish a level playing field that encompasses both cryptocurrencies and traditional fiat currencies. The amendments include adjusting the definition of 'currency' to ensure rules apply to transactions involving convertible virtual currencies, particularly those with value or substitutive functions equivalent to money but not officially recognized. Additionally, the revisions extend reporting requirements to digital assets with legal tender status, including central bank digital currencies (CBDCs). Final notices are expected to be issued in September 2025 and require approval.