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Circle CEO: New Proposed FinCEN Rule Breaks DeFi

Amy Liu

Summary: Jeremy Allaire, co-founder and CEO of Circle, tweeted that new proposed FinCEN rule breaks DeFi -- how can a person provide the name and address of a counterparty when the counterparty is a DeFi protocol? This rule is broken. According to previous news, FinCEN proposes new KYC rules for crypto wallets. U.S. crypto users hoping to ...

Jeremy Allaire, co-founder and CEO of Circle, tweeted that new proposed FinCEN rule breaks DeFi -- how can a person provide the name and address of a counterparty when the counterparty is a DeFi protocol? This rule is broken. According to previous news, FinCEN proposes new KYC rules for crypto wallets. U.S. crypto users hoping to transfer their holdings from an exchange to their own self-hosted wallets may need to comply with new know-your-customer requirements.

By Amy Liu

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