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FinCEN's Comment Window on Crypto Wallet Rule Comes to a Close

Amy Liu

Summary: FinCEN’s deadline for public commented on its proposed crypto wallet regulation ends just before midnight at January 4. FinCEN is soliciting opinions on new non-custodial crypto wallet transaction reporting rules. If adopted, the rule will require regulated companies to verify the names and addresses of non-custodial wallet users for transactions greater than $3,000. Though lawmakers and industry ...

FinCEN’s deadline for public commented on its proposed crypto wallet regulation ends just before midnight at January 4. FinCEN is soliciting opinions on new non-custodial crypto wallet transaction reporting rules. If adopted, the rule will require regulated companies to verify the names and addresses of non-custodial wallet users for transactions greater than $3,000. Though lawmakers and industry players alike have petitioned the U.S. Treasury Department to extend the abnormally short comment period, the deadline has yet to be moved as of this press time.

By Amy Liu

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