3 years ago
480 
A bipartisan group of US lawmakers is asking the US Treasury to reconsider a proposed rule that would change how cryptocurrency transactions are monitored.
The rule would require crypto companies to report when their customers move $10,000 or more in cryptocurrency in a 24-hour period. The identity and address of the crypto recipient must also be shared directly with the Financial Crimes Enforcement Network (FinCEN), an agency of the US Treasury Department. Additionally, the legislation would force companies to maintain a record of all transactions sent to privately-held crypto wallets if the transaction is worth $3,000 or more.
Nine lawmakers have sent a letter to Treasury Secretary Steve Mnuchin, asking him to extend the 15-day comment period for the proposed rule, which is shorter than the 60-day period typically given for rule changes.
Lawmakers are also asking that companies be given more time to implement the rules if and when they go into effect.
“We request the following from the Treasury Department and FinCEN:
• Extend the review period for the Notice of Proposed Rulemaking (NPRM) from 15 days to 60 days so that stakeholders have a meaningful opportunity to evaluate how the proposed rule will impact their businesses and customers; and
• Consider an extension of implementation of this proposed rule by an appropriate timeframe (potentially six months), so that stakeholders may carefully consider and develop the technological solutions that will be required to implement any final rule, should it go into effect.”
The proposed rule is one of two major regulatory pushes from FinCEN.
The agency has also announced plans to require Americans to report whether they are holding $10,000 or more in cryptocurrency in offshore accounts.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxFollow us on Twitter, Facebook and Telegram
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Lux Blue
The post US Lawmakers Say ‘Rushed Process’ Threatens Legitimacy of FinCEN’s Push To Monitor Cryptocurrency Transactions appeared first on The Daily Hodl.
