The executive director of the crypto policy and advocacy non-profit, Coin Center is urging everyone in crypto to comment on the incoming cryptocurrency regulations set out by the U.S. Treasury Department’s FinCEN (Financial Crimes Enforcement Network).
A 2-week comment period is nearing an end for the public to weigh in their two cents about how the regulations will affect them and the crypto world in general.
It was on December 18th when U.S. Treasury Secretary Steven Mnuchin released information about regulatory guidelines for self-hosted crypto wallets and exchanges. The proposed laws would require identity disclosure of withdrawals to and from wallets of over $3,000. Exchanges would also need to send usage reports to the FinCEN if more than $10,000 is transferred from or to the exchange.
Instead of allowing a usual 60-day comment period, the department decreased it to 15 days. This gives crypto enthusiasts and industry leaders little time to submit feedback for what many call devastating regulations.
Jerry Brito, the executive director of Coin Center is one of them. His latest tweet from December 28th shows his non-profit’s efforts in extending the regulation comment period through Congress and getting the word out to the crypto world.
1/ Quick update on the FinCEN rulemaking: Coin Center is working with folks in Congress to get some letters sent to Secretary Mnuchin requesting an extension to the rushed comment period.
In the meantime, you can help.
— Jerry Brito (@jerrybrito) December 28, 2020
Why is FinCEN, particularly Mnuchin, in such a rush to pass the regulations? One reason is that on January 20th, Mnuchin as well as other top government officials will leaving their positions when the next administration steps in.
This could be used as an advantage to delay the proposal as Brito explains in his tweet’s thread.
3/ Mnuchin wants to get this rule finalized before he leaves office on Jan 20. But FinCEN is required by law to consider every comment before finalizing the rule. If there are a lot of substantive comments filed, they won’t be able to finalize the rule before Jan 20.
— Jerry Brito (@jerrybrito) December 28, 2020
So, how do you submit a comment to FinCEN? First, think about how these regulations will affect you as well as the infrastructure of crypto. It could have massive effects on the whole philosophy of decentralized antonymous finance and investment, something that everyone involved in crypto holds dear.
Then, when you have your thoughts ready. Go to the Regulations Comment Page to submit your feedback by January 4th.
