The Financial Crime Enforcement Network (FinCEN), a unit of the U.S. Treasury Department wants crypto exchanges to collect a lot more data about individuals transferring more than $3,000 in cryptocurrencies into private wallets. The crypto industry isn’t having it.
As the public comment period for the controversial rule comes to a close, industry heavyweights are logging their opposition in a coordinated effort. They are trying to delay the rule’s implementation until after a new presidential administration takes over, as well as raise procedural and substantive concerns. The proposed rule, industry participants contend, could drive crypto innovation outside the U.S. and threaten the digital privacy rights of individuals and entities transacting with cryptocurrencies.
As of press time, well over 65,000 comments had been submitted (though less than 4,000 were available to read), with major fintech firms such as Square, traditional business groups including the U.S. Chamber of Commerce and crypto exchanges like Coinbase filing comments pushing