CDC vs FinCEN: petition launched against 15-day comment deadline

US House of Digital Commerce (CDC) Launches Voter Collecting Petition to Extend Comment Period on New FinCEN Regulation

Recall that a recent order from the regulator obliging exchanges to disclose transaction details over $ 3,000 for unauthorized wallets that did not pass KYC/AML verification, led to a very violent reaction from the cryptocurrency community. After all, this step destroys the main advantage of cryptocurrencies - their anonymity.

Organizations falling under the jurisdiction of the regulator will be required to keep records of users' personal data. To do this, it will be necessary to introduce the functionality of verifying the identity of the owners of the cryptocurrency in order to find out who is behind certain wallets.

If this proposal of the regulator is adopted in the United States, it will significantly burden the use of cryptocurrencies for private investors. It will also become a hindrance to the entry of banks that would like to engage in crypto-fiat exchange.

It should be noted that initially 2.5 thousand people were supposed to sign the petition, but now the task is to collect more than 5000 signatures.

If the petition is considered, and the comment period is extended to the standard 60-90 days, cryptocurrency investors will have a chance to defend their rights. After all, the introduction of total checks will significantly weaken the field of cryptocurrencies.

The Electronic Frontier Foundation, Coin Center and other similar organizations will have time to prepare well-thought-out comments against the introduction of new rules invented by the previous administration of FinCEN. We will monitor the situation and keep you informed!