Crypto advocates are coming out in droves to respond to a proposed rule change that would mandate mass surveillance of large cryptocurrency transactions.
The proposed rule from the Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury department, would require crypto institutions to report the personal details of anyone who moves $10,000 or more in cryptocurrency to a private wallet. It would also require companies to keep detailed records of all transactions sent to a private wallet that are worth $3,000 or more.
FinCEN allowed 15 days for the public to respond to its plan, which is shorter than the 60 days that’s typically allotted. But despite the short window, a whopping 65,617 comments have been submitted as the comment period comes to a close.
Compound general counsel Jake Chervinsky says he believes the agency will have trouble sorting through all the responses before the rule is set to take effect.
“The FinCEN public comments that