Coinbase Asks FinCEN To Extend Consultation Time To 60 Days

After the announcement of the new transaction rules for offline wallets, which were recently announced by FinCEN, one of the largest exchanges made a proposal to extend the discussion period for innovations to 60 days

As a reminder, FinCEN offered:

  • accounting for money transfers in the amount of more than $ 3,000;
  • restriction on the anonymity of transactions over $ 10,000;
  • the inability to split transactions into smaller ones to bypass the requirements.

The public was given 15 days to comment. Many cryptosphere users were outraged by this. In a letter sent to FinCEN on December 21, Coinbase representatives mention that there are only a few business days left in 2020, and it is very difficult to have time to consider this important topic in detail.

Therefore, instead of 15 days, a standard period of 60 days is required. The exchange asks the regulator to reconsider its hasty decision, as this "is not effective regulation." Need detailed technical analysis and extensive cost estimates.

Coinbase representatives also note that the haste in this matter is due to the fact that the outgoing administration, bypassing consultations with the crypto community, is trying to speed up the resolution of this issue until their tenure in power is over.