Late Friday afternoon, the Financial Crimes Enforcement Network released a 72-page notice of proposed rulemaking, “Requirements for certain ''transactions involving convertible virtual currency or digital assests'' that would impose new and onerous reporting and recordkeeping requirements for cryptocurrency transactions. FinCEN asked the public to provide comments in just 15 days, spanning Christmas Eve, Christmas Day, New Year’s Eve, and New Year’s Day, in the middle of a global pandemic — leaving just a handful of actual working days for comments. Because we have historically enjoyed and valued a productive working relationship with FinCEN, this recent development is an unfortunate and disappointing departure. Put another way, this latest NPRM is not how effective regulation is made. We therefore ask that FinCEN reconsider its haste and provide the typical 60-day period for such significant proposed rulemaking.
As a leader in the cryptocurrency industry, Coinbase routinely provides input and formal comments as agencies consider and develop new regulations. We are proud of our record in working with governments around the world to develop productive regulation, and we take seriously our obligation to do so on behalf of our industry and all users of cryptocurrency. But we have never seen such a rushed effort for such a significant proposed change in our industry.
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