FinCEN’s Proposed Crypto Wallet Rule Might Hit DeFi
FinCEN’s proposed rule regulating “unhosted” wallet transfers has a number of potential issues, including unintended consequences for decentralized finance.
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FinCEN Deputy Director Michael Mosier encouraged commenters to provide practical, technical feedback on the rule.
“My conviction is that address verification is unlikely to be very productive in fighting financial crime.” The post A Commentary On FinCEN’s Proposed KYC Requirements appeared first on Bitcoin Magazine.
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....
"The burdensome information collection and reporting requirements deprive U.S. companies like Square of the chance to compete on a level playing field," Dorsey said.
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.