9 congressmen against FinCEN proposal

9 representatives of Congress sent a formal request to the US Treasury. Congressmen demand to slow down the process of regulation of the cryptosphere

The letter sent to Finance Minister Steven Mnuchin was signed by both Republicans and Democrats. This unusual manifestation of unity perfectly characterizes the illegal actions of the regulator.

In the letter, a group of congressmen asks to extend the period for consideration of the bill to at least 60 days. Since unnecessary haste makes it possible to doubt the legitimacy of this decision.

Also, congressmen appeal to the Ministry of Finance with a request to postpone the introduction of this rule for at least six months. During this time, financial institutions will be able to prepare for the implementation of technologies and processes through which data collection and processing will take place.

Essence of the question

As a reminder, FinCEN USA on December 18, 2020 published a draft law on strict KYC regulation of anonymous wallets. Its essence is that all transactions with them carried out through financial institutions must be recorded. For transfers over $ 3000, exchanges must collect and store data, and over $ 10000 transfer information to the regulator.

On this bill, only 15 days were given for discussion. Most of them fell on holidays and weekends. Cryptocurrency organizations and private investors are outraged by this rush.

The standard comment period is 60 days. And on such important issues - even 90 days. At the end of the year, signatures were collected on the Internet for a petition in order to extend the term for comments. But there is no news on this issue yet. It is all the more gratifying that the congressmen stood up to protect the cryptosphere. Let's see how the situation will develop.