Cryptocurrency heavyweights are asking users to comment on FinCEN’s proposed bill

Several players are encouraging people to speak out against the new cryptocurrency laws proposed by FinCEN before comments close next week.

The cryptocurrency exchange, Coinbase and the foundation behind Monero are the latest companies to come together to ask cryptocurrency users to share their views on the US financial network’s new laws to control financial crime. In a post today, Coinbase CEO, Brian Armstrong, said the proposal would be “too intrusive” into user privacy, It stated that crypto exchanges would need to collect and share names and addresses for anyone sending or receiving crypto worth more than $ 3,000 in a single transaction. The CEO asked users to submit their opinions to FinCEN before Jan 4th when comments close.

Source: Twitter

Monero Outreach published a similar petition on Monday, in seemingly more assertive language, urging cryptocurrency users in particular to voice “their opposition” to the “dangerous new laws”. The group claimed that once FinCEN had the required customer information, regulators could track all user transactions without a court order – data that could potentially be compromised.

Cryptocurrency heavyweights are asking users to comment on FinCEN’s proposed bill
Cryptocurrency heavyweights are asking users to comment on FinCEN’s proposed bill

“These [ley] It wasn’t required before and will not only compromise the privacy of all cryptocurrency users today, but also hinder future creative uses of cryptocurrency. ” Monero Outreach said. “This is in an area that can easily go very wrong.”

The FinCEN proposed the new law on December 18, giving people 15 days to express their opinions. If implemented, the law would mandate a registered cryptocurrency exchange to verify the identity of their customers under certain conditions, including the use of an “unguarded wallet” and when the transaction exceeds $ 3,000.

Coinbase’s Chief Legal Officer, Paul Grewal later replied that the deadline for comments was inadequate given the holidays and the ongoing pandemic. It asked the regulatory authority to provide it a 60-day comment period on the proposed laws. At the time of publication The deadline for January 4th is still fixed.

Meanwhile, The cryptocurrency advocacy group Coin Center encourages “everyone in the cryptocurrency ecosystem” to comment on FinCEN’s proposal. Over 920 parties have already submitted their views to FinCEN. including the CEO of Blockchain.com, Peter Smith, and Compounds Attorney General, Jake Chervinsky. In a twitter thread, Chervinsky he claimed that the law would not “stop the flow of money to malicious actors or help law enforcement get their job done”.

Smith, however, sent his comment directly to Treasury Secretary Steve Mnuchin. In a post last week Blockchain.com CEO said he believes the law needs further consultation and review before being considered, given the potential impact:

“Cryptocurrencies are an emerging and growing industry. We have talented and entrepreneurial teams in the US who are innovative and would still buckle under the weight of this regulation. “

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