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Gemini Exchange: FinCEN's Proposed Crypto Wallet Rules Have Three Defects
Summary: Gemini Exchange wrote to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, requesting it to extend the period for soliciting comments on the new non-custodial crypto wallet transaction reporting rules, and Gemini believes that FinCEN’s “proposed rules” have three defects. First, the proposal has major flaws. The proposed rules do ...
Gemini Exchange wrote to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, requesting it to extend the period for soliciting comments on the new non-custodial crypto wallet transaction reporting rules, and Gemini believes that FinCEN’s “proposed rules” have three defects. First, the proposal has major flaws. The proposed rules do not have strong enforcement effects and will have a significant and harmful impact on personal privacy. Second, the proposed rules are vague and may adversely affect the ability of the United States to stay on the cutting edge of innovation. Third, the formulation of the proposed rules clearly lacks procedures.
By Amy Liu
Tags: Crypto Wallet,FinCEN,Gemini Exchange,Rules
Link: Gemini Exchange: FinCEN's Proposed Crypto Wallet Rules Have Three Defects [Copy]
