The incoming president has already announced he would tap pro-crypto, pro-regulation Gary Gensler to lead the SEC, but a number of other names and issues remain outstanding.
“Indeed, cash poses a greater challenge to law enforcement than cryptocurrency in unhosted wallets," wrote Judge Zia Faruqui in an opinion on a forfeiture case.
Critics of the rule said it would be technically impossible for some projects to comply because smart contracts and author-decentralized tools do not have name or address information to provide.
Proposals requiring crypto companies to report transactions amount to "mass surveillance" and flout the Fourth Amendment.
Crypto companies complain about FinCEN's new "unhosted wallets" proposal. But the rules aren't unreasonable, says our columnist.
"The burdensome information collection and reporting requirements deprive U.S. companies like Square of the chance to compete on a level playing field," Dorsey said.
The Financial Crimes Enforcement Network wants U.S. persons who hold crypto in offshore accounts to report holdings over $10,000.
In its response to the Treasury Department’s proposed rules, the blockchain analytics firm said they are likely to be ineffective and counterproductive.
Stablecoins should meet the same regulatory standards as other financial instruments, Trump’s Working Group on Financial Markets said.
FinCEN’s proposed rule regulating “unhosted” wallet transfers has a number of potential issues, including unintended consequences for decentralized finance.
Two weeks during the holiday season and a pandemic is not enough time, the exchange said, asking for the customary 60 days.
FinCEN has proposed requiring exchanges to collect and report KYC information on unhosted wallets for transactions up to $10,000.
FinCEN has posted a pair of job listings for crypto policy advisers amid rumors that new regulations around wallets will arrive soon.
Yearn continues to rapidly expand through acquisitions, leading some to call it the Amazon of DeFi. A U.S. Treasury hack serves as a reminder of the amount of financial data in circulation.
The guidance is apt to chafe privacy advocates, inside and outside the crypto space, who are already uneasy about the honeypot that FinCEN’s suspicious activity report database has become.