OKCoin says crypto industry lacks means to comply with new US Treasury proposal
If passed, the United States’ crypto wallet proposal would create significant hassles for digital asset exchanges. U.S. Treasury Secretary Steven Mnuchin recently dropped a proposal requiring exchanges and crypto platforms to verify the identity of customers exporting digital assets to self-hosted wallets. Crypto exchange OKCoin noted the proposal would create additional work for exchanges. “Upon preliminary review of the FinCen [Financial Crimes Enforcement Network] proposal as well as the wallet verification requirements, I think the proposal of extending the CTR requirement to crypto....
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President Joe Biden has frozen all regulatory processes including proposed FinCEN rules detrimental to the crypto industry. One of the first actions President Joe Biden has taken on his first day in office is to freeze Federal regulatory process, including the controversial self-hosted crypto wallet regulations proposed by former Treasury Secretary Steven Mnuchin.The announcement came in a White House memorandum for the heads of various federal agencies, the Financial Crimes Enforcement Network (FinCEN) included. The edict doesn’t specify the crypto wallet proposal, but places a general....
As many in the crypto industry have said, 15 days over the holidays is just not enough time to respond. Nine congresspeople have signed on to a letter to Treasury Secretary Steven Mnuchin, telling him to hold his horses. The Thursday letter is in response to the Treasury's recent proposal to make registered crypto businesses hold on to more customer information, especially when transacting with self-hosted wallets.The proposal has been met with widespread outrage from the crypto community. Among grievances, many cite the fact that Mnuchin is pushing this rule out just weeks before the....
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....