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Coinbase CEO Speaks Out Against Proposed FinCEN Rule Following Comment Period Extension
Summary: FinCEN has acted on a proposed crypto rule which has recieved heavy critisicm from the crypto community. The proposed rule would make it so that users who want to transfer their cryptocurrencies off of centralized exchanges and onto their own private wallets would need to provide personal information to the exchanges. The exchanges would also need ...
FinCEN has acted on a proposed crypto rule which has recieved heavy critisicm from the crypto community.
The proposed rule would make it so that users who want to transfer their cryptocurrencies off of centralized exchanges and onto their own private wallets would need to provide personal information to the exchanges. The exchanges would also need to submit and store records involving cryptocurrency transactions. Crypto advocates have called for the comment period on the rule to be extended.
The regulator has yielded to crypto advocates requests and extended the comment period for 15 days and 45 days on counterparty reporting. The agency had previously marked the rule as urgent and shortened the comment period significantly. The extended comment period will place the rule under the jurisdiction of the incoming Biden administration and crypto supporters are hoping the rule will be reconsidered in a new light.
Coinbase CEO Brian Armstrong commented on the extended comment period in a tweet, writing that he shares hopes that the new administration will reconsider the proposed rule and engage more thoughtfully with the industry. He added that the extended comment period is at least a step in the right direction.
By Emily Mason
Tags: Brian Armstrong,Coinbase,FinCEN,Regulation
Link: Coinbase CEO Speaks Out Against Proposed FinCEN Rule Following Comment Period Extension [Copy]
