65K Comments and Counting: Crypto Industry Fights ‘Arbitrary’ Treasury Rule
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.
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A big win for the crypto industry today, which was unanimous in opposition to a new anti-money laundering rule that many saw as rushed and draconian. In response to a deluge of comments, the Treasury's anti-money laundering office is slowing its roll on a rushed proposal to monitor a whole new range of cryptocurrency transactions.On Jan. 14, the Treasury's Financial Crimes Enforcement Network (FinCEN) announced that they were extending the window on comments in response to a rule originally announced two days before Christmas and less than a month before a new administration takes over.....
Analysts debate whether the U.S. Treasury Secretary’s new rule about self-custodied wallets could place the current bull run in peril. This week various media reported that U.S. Treasury Secretary Steven Mnuchin was considering whether or not legislation governing self-custodied wallets should be implemented. This led some analysts and crypto pundits to speculate whether or not this would impact Bitcoin, and the current bullish momentum that has been driving crypto prices higher. The threat of new crypto sector-focused regulations is a credible event which has negatively impacted crypto....
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 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,....
Many have called the long-rumored rules an existential threat to peer-to-peer transactions. The Treasury has released its long-awaited proposal to restrict money services businesses, including U.S.-registered crypto exchanges, from dealing with self-hosted wallets.In a Friday evening announcement, the Treasury's Financial Crimes Enforcement Network, or FinCEN, announced proposed rules requiring registered crypto exchanges to verify the "identity of their customers, if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000." The rule is....