Coin Center calls FinCEN’s proposed cryptocurrency-transaction regulations a threat

The proposed FinCEN rules regulating cryptocurrency transactions threaten innovation and privacy, Coin Center, the industry advocacy group, said.

Any expansion of automated surveillance on innocent transactions would be unacceptable https://t.co/OIPo2OF2Yx

— Coin Center (@coincenter) March 15, 2021

The plans by FinCEN to tighten the rules to counter money laundering and the financing of terrorism would involve collecting personal information about the parties to deals and the transactions of customers of cryptocurrency companies.

In late January, the agency extended the consultation period by 60 days. In a statement, Coin Center called the rules unacceptable:

“If FinCEN insists on further expanding the gambit of unwarranted mass surveillance, it must not do so in a way that harms new technologies as well as the companies and individuals who use them.”

Earlier, Coin Center urged cryptocurrency industry representatives to submit comments on the rules, pointing to undesirable consequences. The organisation also criticised the shortening of the consultation period from 60 days to 15 days.

The CEO of Twitter and Square, Jack Dorsey, described FinCEN’s requirements catastrophic for the industry. Andreessen Horowitz and the cryptocurrency exchange Coinbase weighed in with criticism.

Earlier in January 2021, U.S. President Joe Biden froze the proposed FinCEN regulatory changes.

Coin Center Third Fincen Comment 2021 by ForkLog on Scribd

Subscribe to ForkLog news on VK!