FinCEN’s Crypto Rules Aren’t as Unfair as Jack Dorsey Says

FinCEN’s Crypto Rules Aren’t as Unfair as Jack Dorsey Says

Over the last few weeks, the U.S. Financial Crimes Enforcement Network, or FinCEN, has been inundated with 7,477 angry comments about a rule change that it proposed just before Christmas. “Impressive ineptitude” says one anonymous commenter, while another writes “touch bitcoin and you will feel the wrath u moneygrabbing pric [sic].” 

Dozens of industry leaders like Coinbase, Fidelity, and Coin Center have also filed more serious comments.  

What’s at stake? Up till now, exchanges like Coinbase haven’t bothered to de-anonymize the non-custodial wallet owners that either send cryptocurrency to exchanges or receive cryptocurrency from exchanges. In effect, if you had a few thousand dollars in bitcoins in a paper wallet, Coinbase wouldn’t ID you if you transferred those bitcoins to a Coinbase account.

FinCEN – a bureau of the US Department of the Treasury that defines rules for combating money laundering – has proposed changing this. U.S. cryptocurrency exchanges and other financial institutions

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