Proposed FinCEN rule is a 'grave threat to personal privacy,' says Coin Center
In its latest comment, the advocacy group goes after the proposed requirement to create currency transaction reports for crypto transactions. After the U.S. Treasury Department extended the comment period for anyone to express their thoughts on a proposed crypto rule, non-profit crypto policy advocate group Coin Center has made another — and possibly final — argument to regulators.Coin Center directed its comment to the Financial Crimes Enforcement Network, or FinCEN, over proposed rules that would require registered crypto exchanges in the U.S. to verify the identity of people using "an....
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The crypto space needs your help to impact the outcome of the United States’ Treasury’s crypto wallet proposal. With the two-week commentary period winding down, Jerry Brito, executive director of non-profit crypto policy advocate group Coin Center, says comments could make a difference in the ultimate outcome of the self-custodied wallet ruling recently proposed by the U.S. Treasury. “Coin Center is working with folks in Congress to get some letters sent to Secretary Mnuchin requesting an extension to the rushed comment period,” Brito said in a Dec. 28 tweet, adding:“Everyone in the....
“This proposal, if adopted, would prove to be an invasion of privacy." Since the U.S. Federal Reserve and Financial Crimes Enforcement Network opened a proposed rule to acquire more information on smaller international transactions, many crypto users have labeled the measure as an invasion of privacy.On Oct. 23, the regulatory agencies published a notice of a proposal to modify a long-standing rule in which financial institutions in the United States are required to exchange client information for all international transactions greater than $3,000. The proposal — which includes....
The website accepting comments on the proposed FinCEN rule shows crypto users have until Jan. 7, not Jan. 4 as the regulator claimed. The United States Treasury Department may have accidentally widened the window of opportunity for anyone wishing to submit comments regarding the Financial Crimes Enforcement Network's new crypto rules.Last month, the Financial Crimes Enforcement Network, or FinCEN, proposed rules that would require registered crypto exchanges to verify the identity of people using "an unhosted or otherwise covered wallet" for a transaction of more than $3,000. At the time,....
In its public response to the US Treasury Department’s proposed rule, the blockchain analytics firm has argued that they are likely to be ineffective and counterproductive.
The proposed change would cut down FinCEN's longstanding $3,000 threshold. The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve are looking to get more information on smaller transactions than ever before. According to a notice of proposed rulemaking published on Friday, the agencies want to lower the $3,000 threshold established in 1995 to $250 for international transactions, meaning that financial institutions would need to exchange client information alongside all transactions greater than $250 that begin or end outside of the United States. Which is to say, the Travel....