US Treasury’s Proposed Crypto Wallet Rule Is Unconstitutional, Warns Civil Ri...
The New Civil Liberties Alliance has objected to FinCEN’s proposed crypto wallet rule, calling it “unlawful.” In addition, the group says that the U.S. Treasury’s “planned ‘crackdown’ on cryptocurrency holders’ private wallets is an unconstitutional power grab.” FinCEN’s Proposed Crypto Wallet Rule Is Unlawful, Says NCLA The New Civil Liberties Alliance (NCLA), a nonpartisan, nonprofit civil rights group, filed its comments on Monday objecting to FinCEN’s proposed rule, entitled “Requirements for Certain Transactions....
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FinCEN’s proposed rule regulating “unhosted” wallet transfers has a number of potential issues, including unintended consequences for decentralized finance.
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has escalated its crackdown on crypto mixers, labeling them as critical hubs for illicit financial activities. In a move to intensify oversight of digital currency transactions, the agency unveiled a Notice of Proposed Rule Making (NPRM) over the weekend, singling out crypto transaction mixing as a […]
The Treasury will consider imposing KYC regulations on transactions involving self-custodied wallets. As the Department of the Treasury has announced its regulatory agenda for the fiscal year earlier today, many in the web3 space have likely experienced flashbacks to December 2020, when the agency had first proposed to impose know your customer, or KYC, rules on transactions that involve self-custodied crypto wallets.The Treasury’s semiannual agenda and regulatory plan, a document that is meant to inform the public of the department’s ongoing rulemaking activities includes and encourage....
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....
The crypto industry says a proposed rule to collect personal data from private wallet transactions is being rushed, might be challenged in court and could be difficult to implement.