{"id":38998,"date":"2021-03-16T12:24:04","date_gmt":"2021-03-16T10:24:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38998"},"modified":"2025-08-30T07:27:45","modified_gmt":"2025-08-30T04:27:45","slug":"coin-center-calls-fincens-proposed-cryptocurrency-transaction-regulations-a-threat","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coin-center-calls-fincens-proposed-cryptocurrency-transaction-regulations-a-threat\/","title":{"rendered":"Coin Center calls FinCEN&#8217;s proposed cryptocurrency-transaction regulations a threat"},"content":{"rendered":"<p>The proposed FinCEN rules regulating cryptocurrency transactions threaten innovation and privacy, Coin Center, the industry advocacy group, said.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Any expansion of automated surveillance on innocent transactions would be unacceptable <a href=\\\"https:\/\/t.co\/OIPo2OF2Yx\\\">https:\/\/t.co\/OIPo2OF2Yx<\/a><\/p>\n<p>\u2014 Coin Center (@coincenter) <a href=\\\"https:\/\/twitter.com\/coincenter\/status\/1371520521507110918?ref_src=twsrc%5Etfw\\\">March 15, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>The plans by FinCEN <a href=\"https:\/\/forklog.com\/en\/news\/fincen-to-tighten-anti-money-laundering-rules-amid-rising-threats\">to tighten<\/a> 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.<\/p>\n<p>In late January, the agency <a href=\"https:\/\/forklog.com\/en\/news\/fincen-extends-comment-period-for-proposed-cryptocurrency-transaction-regulations\">extended the consultation period by 60 days<\/a>. In a statement, Coin Center called the rules unacceptable:<\/p>\n<blockquote>\n<p>\u201cIf 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.\u201d<\/p>\n<\/blockquote>\n<p>Earlier, Coin Center <a href=\"https:\/\/forklog.com\/en\/news\/privacy-advocates-urge-to-derail-the-trump-administrations-farewell-gift-to-the-crypto-industry\">urged<\/a> 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.<\/p>\n<p>The CEO of Twitter and Square, Jack Dorsey, described FinCEN&#8217;s requirements <a href=\"https:\/\/forklog.com\/en\/news\/jack-dorsey-a16z-and-coinbase-criticise-fincens-proposed-industry-regulation-rules\">catastrophic for the industry<\/a>. Andreessen Horowitz and the cryptocurrency exchange Coinbase weighed in with criticism.<\/p>\n<p>Earlier in January 2021, U.S. President Joe Biden <a href=\"https:\/\/forklog.com\/en\/news\/biden-freezes-proposed-fincen-rules-regulating-the-cryptocurrency-industry\">froze<\/a> the proposed FinCEN regulatory changes.<\/p>\n<p style=\"margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;\"><a style=\\\"text-decoration: underline;\\\" title=\\\"View Coin Center Third Fincen Comment 2021 on Scribd\\\" href=\\\"https:\/\/www.scribd.com\/document\/498962369\/Coin-Center-Third-Fincen-Comment-2021#from_embed\\\">Coin Center Third Fincen Comment 2021<\/a> by <a style=\\\"text-decoration: underline;\\\" title=\\\"View ForkLog's profile on Scribd\\\" href=\\\"https:\/\/www.scribd.com\/user\/456422024\/ForkLog#from_embed\\\">ForkLog<\/a> on Scribd<\/p>\n<p><iframe loading=\\\"lazy\\\" id=\\\"doc_61123\\\" class=\\\"scribd_iframe_embed\\\" title=\\\"Coin Center Third Fincen Comment 2021\\\" src=\\\"https:\/\/ru.scribd.com\/embeds\/498962369\/content?start_page=1&#038;view_mode=scroll&#038;access_key=key-gOTPXnBEOR14udus5hq5\\\" width=\\\"100%\\\" height=\\\"600\\\" frameborder=\\\"0\\\" scrolling=\\\"no\\\" data-auto-height=\\\"false\\\" data-aspect-ratio=\\\"0.7729220222793488\\\"><\/iframe><\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/vk.com\/forklogcom\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The proposed FinCEN rules regulating cryptocurrency transactions threaten innovation and privacy, Coin Center said.<\/p>\n","protected":false},"author":1,"featured_media":38999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1510,269,36,26],"class_list":["post-38998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coin-center","tag-fincen","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=38998"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38998\/revisions"}],"predecessor-version":[{"id":39000,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38998\/revisions\/39000"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/38999"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=38998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=38998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=38998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}