Crypto stakeholders forces Treasury’s hands to enhance crypto monitoring proposal

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With 6 hours left, Treasury logs almost 6000 responses on the crypto tracking proposal.

Despite many reactions to the timeline truncated, public responses are expected tonight in response to the U.S. Treasury’s plan to enable companies like crypto exchanges to know the identities behind wallets in which they are dealing.

As of Sunday night, the Treasury’s Financial Crimes Enforcement Network, or FinCEN, had recorded 5,633 responses to its proposed rule. That number is despite the fact that FinCEN gave only 15 days, rather than the usual 60 for responses.

The office dropped its announcement on Dec. 18, Friday night a week before Christmas Day in the United States. In the meantime, today’s due date is the first normal working day following New Year’s Day. Not to mention the fact that the Treasury is only 16 days away from the administration of Biden.

FinCEN’s timing has been the subject of criticism from a number of lawmakers as well as the crypto community. Adding to the problem, some potential commenters have reported issues on using the U.S. federal government’s main portal. Particularly on Tuesdays and Thursdays, a separate beta site has been damaging links.

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Not to mention the critique of the regulation itself, which would force registered money services companies, in particular crypto exchanges, to follow both the Bank Secrecy Act limitations transfers to and from their networks and, indeed, to go above them by forcing them to know the beneficial identity of any self-hosted crypto wallet at the other end of a transaction priced at $3,000 or more. This is seen by many as a brazen invasion of secrecy by the Treasury regime that is not going to have to enforce the programme.


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