THELOGICALINDIAN - Coinbase has asked the Financial Crimes Enforcement Network FinCEN to extend the animadversion aeon on their proposed KYC requirements on selfhosted wallets
Coinbase penned a letter to Kenneth Blanco, FinCEN’s director, in which the close apprenticed the regulator to amend their desperate angle and extend the animadversion aeon to 60 days.
FinCEN had allotted a bald 15 canicule to altercate what abounding accede to be an existential threat to the crypto industry.
FinCEN Rushes Crypto Regulations
The FinCEN proposal affairs to add new KYC rules to self-hosted crypto wallets. A self-hosted wallet is a wallet that is not in the aegis of a centralized authority.
For example, an alone captivation Bitcoin (BTC) in a Ledger or Trezor accouterments wallet classifies it as a self-hosted wallet.
FinCEN’s angle will eradicate users’ anonymity as centralized exchanges would charge to address any affairs over $10,000 (in a amount of 24 hours) to FinCEN. They will additionally accept to accumulate annal for withdrawals over $3,000.
FinCEN has asked companies to animadversion on 24 questions. Coinbase has declared that accouterment all the capacity in 15 canicule is not feasible, abnormally in the bosom of a all-around communicable during the anniversary break.
Coinbase declared that the acknowledgment to these questions would crave abundant assay and all-encompassing costs.
“There is no emergency here. Actuality is alone an approachable administering attempting to bypass the appropriate appointment with the accessible to agree a rushed aphorism afore their time in appointment is done. There is additionally no absolution for alleviative the cryptocurrency industry so abnormally from our counterparts in acceptable finance,” the commodity read.
FinCEN is one allotment of the United States Department of the Treasury. At present, Steven Mnuchin is the Secretary of the Treasury. However, with the Biden administering entering the White House in January, Mnuchin’s appellation is advancing to an end.
His approaching abandonment could accept a desperate appulse on FinCEN’s currently proposed wallet rule.
