Coin Center Director Commented on New Regulation of Cryptocurrency Wallets

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Jerry Brito, executive director of the Coin Center advocacy group, has urged all members of the cryptocurrency community to send comments to FinCEN regarding the regulation of cryptocurrency wallets.

This month, the US Financial Crimes Enforcement Network (FinCEN) proposed requiring banks and financial institutions to provide transaction reports from any cryptocurrency wallet. Firms must verify the identity of users receiving cryptocurrencies worth over $ 3,000. Information about users sending over $ 10,000 will be transmitted to FinCEN. Many lawyers did not support this proposal, believing that it would violate civil liberty and hinder the development of the latest technologies in the United States.

Jerry Brito believes that in this situation, any comments from ordinary citizens and companies can influence FinCEN’s decision. He said the Coin Center is working with Congress to receive letters for US Treasury Secretary Steven Mnuchin. However, instead of the usual 60-day period, FinCEN will only accept 15-day feedback on this matter. Brito is convinced that Mnuchin intends to accelerate the implementation of this proposal, since he will leave office on January 20. Therefore, Coin Center requires the regulator to extend the comment period.

Brito also urged everyone in the cryptocurrency industry to send FinCEN a meaningful letter explaining how this rule will affect them and what unforeseen consequences might arise if adopted. Brito added that the law requires FinCEN to consider each comment before finalizing the regulation. If many substantive comments are submitted, the government will not have time to consider them until January 20. Delaying the consideration of the proposal will facilitate the introduction of more thoughtful regulations.

The US Financial Crimes Network is trying to tighten regulation of the cryptocurrency industry as complaints about digital currencies continue to rise. Last year, FinCEN director Kenneth Blanco reported that 11,000 complaints were filed between May and January 2019, of which 7,100 were reports of suspicious transactions and activity by cryptocurrency companies themselves.

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