THELOGICALINDIAN - The Bitcoin association is abject as the Federal Reserve and the Banking Crimes Enforcement Network a annex of the US Treasury attractive to abatement the advertisement requirements imposed on banking institutions
Bitcoin Community Doesn’t Like the Recent “Travel Rule” Moves
These two entities are accurately targeting the alleged “Travel Rule,” which requires institutions to collect, retain, and allotment advice about their clients. Those that accept to accept by the Travel Rule accommodate crypto exchanges. Integration of the Travel Rule into exchanges and added Bitcoin account providers is accepted to booty abode abutting year.
The Fed and FinCEN are attractive to abate the beginning of the Travel Aphorism from $3,000 to $250. This agency that if you bought $250 account of Bitcoin from exchanges beneath this new rule, the barter would be appropriate to aggregate advice apropos you.
A account from the two authorities reads:
Bitcoin investors and the crypto association accept that this is acutely an added assailment of privacy.
Matt Odell, an aboriginal Bitcoin adopter, commented:
Preston Byrne, a crypto-focused lawyer, echoed this. He said that “it should be $25,000,” not $250.
Part of a Wider Crackdown
This appears to be allotment of a added crackdown adjoin banking crimes, abnormally those enabled by crypto assets.
Jake Chervinsky, the accepted admonition for the developers of the DeFi app Compound Finance, said that a war is actuality waged adjoin Bitcoin self-custody and privacy:
This has been fabricated bright by a cardinal of contempo administration efforts. Spain is attractive to crave all those that own Bitcoin or altcoins to address their holdings, while the U.S. DOJ and added agencies are absolution letters highlighting cryptocurrencies as a threat.
