The U.S. Anti-Money Laundering and Combating the Financing of Terrorism laws: Where will these updates lead the crypto space? Against great push back from the crypto industry and as the price of Bitcoin (BTC) reached new all-time highs several times during the last couple of months, the United States has updated its cryptocurrency Anti-Money Laundering/Combating…
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President Joe Biden has frozen all regulatory processes including proposed FinCEN rules detrimental to the crypto industry. One of the first actions President Joe Biden has taken on his first day in office is to freeze Federal regulatory process, including the controversial self-hosted crypto wallet regulations proposed by former Treasury Secretary Steven Mnuchin. The announcement…
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This is a big win for the crypto industry today, which was unanimous in opposition to a new anti-money laundering rule that many saw as rushed and draconian. In response to a deluge of comments, the United States Treasury Department’s Anti-Money Laundering office is slowing its roll on a rushed proposal to monitor a whole…
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The website accepting comments on the proposed FinCEN rule shows crypto users have until Jan. 7, not Jan. 4 as the regulator claimed. The United States Treasury Department may have accidentally widened the window of opportunity for anyone wishing to submit comments regarding the Financial Crimes Enforcement Network’s new crypto rules. Last month, the Financial…
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Major U.S crypto firms are united in opposition to new AML laws proposed by FinCEN, warning they could drive users away from regulated platforms and stifle innovation. Major U.S crypto firms are rallying against FinCEN’s proposed regulations that would force businesses operating with crypto to gather information on the identities of non-customer counterparties. A Jan.…
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Such regulation by enforcement does indeed run the risk of stifling important and valuable innovation in the crypto space. The U.S. Securities and Exchange Commission has not been kind to crypto in the past year. In March 2020, in the SEC v. Telegram case, the Commission won a worldwide injunction against the proposed issuance of…
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Coinbase says that a 15-day notice-and-comment period for FinCEN’s new crypto rules is not enough. Coinbase, one of the largest cryptocurrency exchanges in the United States, is advocating extension for the industry’s feedback deadline to newly proposed crypto rules by the Treasury’s Financial Crimes Enforcement Network, or FinCEN. In a Dec. 21 blog post, Coinbase’s…
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Congressman Davidson, in particular, sees potential Treasury action as a bad idea for everybody involved. Several members of Congress have voiced opposition to a rumored blockade on self-hosted crypto wallets in the works at the U.S. Treasury. In a Dec. 9 letter addressed to Treasury Secretary Mnuchin, four members of the Congressional Blockchain Caucus wanted…
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“This proposal, if adopted, would prove to be an invasion of privacy.” Since the United States Federal Reserve and the Financial Crimes Enforcement Network opened for public comment a proposed rule to acquire more information on smaller international transactions, many crypto users have labeled the measure an invasion of privacy. On Oct. 23, the regulatory…
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The Biden team looks to Janet Yellen to lead the next administration’s economic policy, which will have to navigate the wreckage left in the wake of the coronavirus. As President-Elect Biden continues to round out his roster of appointees, he has tapped an Obama-era chair of the Federal Reserve to lead his administration’s economic policy.…
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