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Coinbase Asks FinCEN to Extend Comment Period for Proposed Wallet Rule to 60 Days
Summary: After the Financial Crimes Enforcement Network (FinCEN) proposed new transaction rules for self-hosted wallets, Coinbase is taking issue with the considerably shortened comment period. In a new letter to the regulator, Coinbase is calling for FinCEN to extend to the traditional 60 days. According to the new know-your-customer rules for self-hosted wallets, which would curb ...
After the Financial Crimes Enforcement Network (FinCEN) proposed new transaction rules for self-hosted wallets, Coinbase is taking issue with the considerably shortened comment period. In a new letter to the regulator, Coinbase is calling for FinCEN to extend to the traditional 60 days. According to the new know-your-customer rules for self-hosted wallets, which would curb anonymous transacting by requiring reports to FinCEN for transactions over $10,000 and imposing record-keeping requirements for withdrawals over $3,000. The release of the proposal opened up a 15 day comment period, one historically shorter than the usual 60 day timeline. Today, a letter addressed to FinCEN director Kenneth Blanco points out that there are few working days left in 2020, and FinCEN has departed from its usual standards. Coinbase asked that the regulator "reconsider its haste" since an expedited comment period "is not how effective regulation is made." Coinbase said it had valued a "productive" working relationship with FinCEN in the past but that the current expedited timeline is disappointing.
By Amy Liu
Tags: Coinbase,Crypto,FinCEN,Wallet
Link: Coinbase Asks FinCEN to Extend Comment Period for Proposed Wallet Rule to 60 Days [Copy]
