Treasury backs down: Crypto monitoring rule will wait until new administration
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.....
Related News
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....
It looks like crypto stakeholders turned out in force, despite the Treasury's best efforts to evade scrutiny. Despite many objections to the truncated timeframe, public comments are due tonight in response to the U.S. Treasury's proposal to require businesses like crypto exchanges to know the identities behind wallets with which they transact. As of Sunday night, the Treasury's Financial Crimes Enforcement Network, or FinCEN, had recorded 5,633 responses to its proposed rule. That number is despite the fact that FinCEN gave only 15 days, rather than the usual 60 for responses.The office....
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....
The Biden administration is reportedly developing a regulatory framework for the cryptocurrency markets. The new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, is waiting for direction from the Treasury to establish cryptocurrency regulation. New Crypto Regulation Being Developed by Biden Administration Fox Business’ Charlie Gasparino reported Monday that the Biden administration is in what’s been described to him by people close to them as “the early stages of developing a regulatory approach to the crypto markets.” He noted that the....
U.S. Treasury Secretary Janet Yellen says the Treasury Department is monitoring Russian efforts to evade sanctions using cryptocurrency. Four U.S. senators have written to Yellen raising concerns about Russia using cryptocurrency as a channel to circumvent sanctions.
Treasury Secretary Janet Yellen on Monitoring Russian Efforts to Use Cryptocurrency to Evade Sanctions
U.S. Treasury Secretary Janet Yellen talked about the Treasury Department monitoring Russian efforts to evade sanctions using crypto at an event hosted by the University of Illinois Wednesday, the Wall Street....