FinCEN Extends Comment Period for Controversial Crypto Wallet Rule

FinCEN Extends Comment Period for Controversial Crypto Wallet Rule


The Financial Crimes Enforcement Network (FinCEN) said Thursday it would reopen its proposed rulemaking period for an additional 15 days for its reporting requirements, and another 45 days for a requirement on recordkeeping and counterparty reporting requirements.

First submitted Dec. 18, the proposals would require exchanges to store name and address information for customers transferring over $3,000 in crypto per day to private crypto wallets, and file currency transaction reports for customers transacting in over $10,000 per day.

Critics of the rule also maintained that it would be technically impossible for some projects to comply with, as smart contracts and author decentralized tools do not have name or address information to provide.

Perhaps most importantly, the 15-day extension means that Treasury Secretary Steven Mnuchin, who is said to be spearheading this effort, will be out of office by the time comments close, perhaps allowing for FinCEN to better incorporate industry feedback.

In its public

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