Stealth rulemaking: Is proposed SEC rule with no mention of crypto a threat t...
A 600-page document proposes changes to the definition of an exchange that could extend to include DeFi protocols. On Jan. 26, the United States Securities and Exchange Commission proposed amendments to Rule 3b-16 under the Exchange Act that lacks any mention of digital assets or decentralized finance, which could adversely affect platforms that facilitate crypto transactions. Some cryptocurrency advocates — including SEC Commissioner Hester Peirce — believe that the commission’s extended definition of an exchange could thrust an entire class of crypto entities under the regulator’s....
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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 proposed change would cut down FinCEN's longstanding $3,000 threshold. The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve are looking to get more information on smaller transactions than ever before. According to a notice of proposed rulemaking published on Friday, the agencies want to lower the $3,000 threshold established in 1995 to $250 for international transactions, meaning that financial institutions would need to exchange client information alongside all transactions greater than $250 that begin or end outside of the United States. Which is to say, the Travel....
President Joe Biden has frozen all agency rulemaking, including former Treasury Secretary Steven Mnuchin’s controversial proposal on “unhosted wallets,” according to a prominent cryptocurrency lawyer. The story is developing and will be updated.
In its public response to the US Treasury Department’s proposed rule, the blockchain analytics firm has argued that they are likely to be ineffective and counterproductive.
In its latest comment, the advocacy group goes after the proposed requirement to create currency transaction reports for crypto transactions. After the U.S. Treasury Department extended the comment period for anyone to express their thoughts on a proposed crypto rule, non-profit crypto policy advocate group Coin Center has made another — and possibly final — argument to regulators.Coin Center directed its comment to the Financial Crimes Enforcement Network, or FinCEN, over proposed rules that would require registered crypto exchanges in the U.S. to verify the identity of people using "an....