Congressmen criticize the U.S. Treasury Department for swiftly approving a new proposal on crypto regulation

Nine congressmen signed a letter to the Treasury Secretary. Steven Mnuchin, Arguments against the decision of the Ministry of Finance to leave so little time to comment on the new crypto rules.

The letter, written on December 31st, was written in response to the latest proposal from the Treasury Department Registered crypto companies keep more customer informationespecially for transactions with self-custody wallets.

The proposal sparked widespread outrage in the crypto community. Among the complaints, many cite the fact that Mnuchin is abolishing this rule just weeks before the Biden government came to power, and with her her likely replacement, Janet Yellen.

Congressmen criticize the U.S. Treasury Department for swiftly approving a new proposal on crypto regulation
Congressmen criticize the U.S. Treasury Department for swiftly approving a new proposal on crypto regulation

The new proposals for regulations are accompanied by calls for public comments. This still applies in this case, but while the usual comment period is 60 days, The Ministry of Finance only asked for 15 here. The comment period ends on January 4th. At this point the signatories of yesterday’s letter are struggling::

“The proposal in question was published just before the Christmas holidays and announced that the public would have 15 days to comment. An eight business day comment period over two holidays is not appropriate to regulate an industry. And could lead to that Stakeholders are unable to respond meaningfully. “

The congressmen who signed the letter include many of the usual signs in cryptocurrency legislation. Blockchain Caucus members Warren Davidson, Tom Emmer, David Schweikert, Darren Soto and Ted Budd have signed, to like Bill Foster. However, some less involved figures in the crypto industry have joined such as Tulsi Gabbard, Senator Tom Cotton and the new President of the Coalition of New Democrats, Suzan DelBene.

As the formal open comment period ends on Monday and today, as you may have noticed, is New Years Day, The Treasury Department is unlikely to give in. However, there is talk of a lawsuit against the department for a procedural violationif this rule comes into force.

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