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With Yellen confirmed, Treasury strikes ahead with stalled crypto monitoring rule

01/26/2021

The Treasury has opened up the remark interval for its self-hosted pockets necessities for an additional 60 days.

The US Treasury Division’s now-infamous proposal to require data on crypto transfers from exchanges to self-hosted wallets is again in movement.

Per a Tuesday announcement from the Monetary Crimes Enforcement Community, or FinCEN, stakeholders could have one other 60 days to answer the proposal. Whereas a marked enchancment from the 15-day remark interval of the unique proposal, sadly for the crypto business, it does not appear like the precise phrases of the proposal have modified together with the administration.

The information follows Janet Yellen’s affirmation as secretary of the Treasury final night time. Shortly after his inauguration, President Joe Biden ordered a freeze on all midnight rulemaking from businesses run by appointees — the Treasury included.

FinCEN had initially introduced the proposal proper earlier than Christmas with a wildly truncated remark interval in order that the ultimate rule may come out earlier than Donald Trump left workplace. It was rumored to be an initiative instantly from Trump’s treasury secretary, Steven Mnuchin, himself. 

The crypto neighborhood reacted with outrage, submitting sufficient commentary and leveraging sufficient political stress to get Mnuchin’s Treasury to increase the remark interval, successfully passing the proposal off to his successor. Some hoped that Yellen, who Biden named as his treasury secretary nominee again in November 2020, could be much less antagonistic towards crypto. 

It stays to be seen what occurs after the Treasury will get one other spherical of feedback, however the return to this rule on Yellen’s first formal day at work isn’t trigger for optimism. events can ship feedback to FinCEN right here.