Circle CEO joins appeal against US Treasury self-hosted crypto wallet ban
The crypto industry and regulators need time to collaborate on better regulations. Jeremy Allaire, CEO and co-founder of peer-to-peer payments firm Circle, sent a letter to senior staff of the United States Department of the Treasury on Dec. 9, appealing for regulators to collaborate with the industry in adopting crypto regulations. Allaire warned U.S. regulators that some of its proposed rules pose a direct risk to the country’s competitiveness and could potentially trigger unintended consequences around crypto and blockchain-related use cases.The exec specifically referred to a new....
Related News
Another industrial-era executive has joined a Bitcoin startup. Paul Camp joins Bitcoin BankCircle as the Chief Financial Officer. An 18 year finance veteran, he has been hired by Digital Currency payment processor to serve as Chief Financial Officer and Treasurer. Prior to accepting a position with Circle, Camp lead JP Morgan's global transaction services. Camp will bring that experience with him, potentially broadening Circles international capabilities. Circle is a cryptocurrency wallet provider that raised over $25m in funding last March. Perhaps best known for being one of the first....
Four U.S. lawmakers have sent a letter to Treasury Secretary Steven Mnuchin, warning of the risks of restricting the use of self-hosted cryptocurrency wallets. Their concerns follow reports that the Treasury Department may be on the verge of imposing such strict cryptocurrency regulations aimed at self-hosted crypto wallets. Crypto Regulations That Could Make Existing Self-Hosted Wallet Users Criminals U.S. Congressmen Warren Davidson, Tom Emmer, Ted Budd, and Scott Perry sent a letter to Treasury Secretary Steven Mnuchin on Wednesday outlining their “concern regarding reports that....
Congressman Davidson, in particular, sees potential Treasury action as a bad idea for everybody involved. Several members of Congress have voiced opposition to a rumored blockade on self-hosted crypto wallets in the works at the U.S. Treasury.In a Dec. 9 letter addressed to Treasury Secretary Mnuchin, four members of the Congressional Blockchain Caucus wanted answers for rumored Treasury rulemaking that would restrict self-hosted wallet usage in the U.S. The authors — Warren Davidson, Tom Emmer, Ted Budd and Scott Perry — argue that such limitations:"Would hinder American leadership and....
Australian bitcoin hardware manufacturer Diamond Circle has suspended operations citing a lack of capital. The company, which launched Australia's first cashless ATM last year, is currently seeking a buyer for its wallet service, cloud hosted platform, NFC card technology, ATM network, hardware, bitcoin point-of-sale solution, data, trademarks and trade secrets, as well as the source code for all its platform components. Speaking to CoinDesk, Stephen Rowlison, CEO at Diamond Circle, said that the decision had been taken based on a
The Treasury has opened up the comment period for its self-hosted wallet requirements for another 60 days. The United States Treasury Department's now-infamous proposal to require information on crypto transfers from exchanges to self-hosted wallets is back in motion.Per a Tuesday announcement from the Financial Crimes Enforcement Network, or FinCEN, stakeholders will have another 60 days to respond to the proposal. While a marked improvement from the 15-day comment period of the original proposal, unfortunately for the crypto industry, it doesn't look like the actual terms of the proposal....