The Financial Crimes Enforcement Network (FinCEN) has been busy over the last 30 days. In its latest Notice, it indicates that FinCEN wishes to amend the foreign bank account reporting regulations. The changes would require U.S. citizens to report cryptocurrency accounts held with foreign institutions (foreign exchanges) if those accounts are more than $10,000 in value. This represents a significant shift in U.S. policy on the reporting of cryptocurrency positions. This change would apply to crypto owners holding crypto on foreign exchanges, not domestic based crypto exchanges. FinCEN would incorporate cryptocurrency into its definitions of reportable types of foreign accounts.