FinCEN’s wallet rule is open for another day of comments because ‘government officials can’t count to 15’
The United States Treasury Department might have mistakenly widened the window of opportunity for anyone wanting to submit remarks concerning the Financial Crimes Enforcement Networks brand-new crypto rules.Last month, the Financial Crimes Enforcement Network, or FinCEN, proposed rules that would require registered crypto exchanges to validate the identity of individuals using “an unhosted or otherwise covered wallet” for a transaction of more than $3,000. When FinCEN revealed the new rule, many argued that the period of time for submitting remarks was inadequate. Coinbases primary legal officer, Paul Grewal, has likewise argued in favor of a 60-day remark duration given the vacations and the ongoing pandemic.At the time of publication, Regulations.gov is still accepting comments beyond the Monday deadline, however it is uncertain whether any gotten in between Jan. 5 and 7 will be thought about legitimate.
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