Crypto News

With Yellen confirmed, Treasury moves forward with stalled crypto monitoring rule

, With Yellen confirmed, Treasury moves forward with stalled crypto monitoring rule

The Treasury has opened up the comment period for its self-hosted wallet requirements for another 60 days.

The United States Treasury Department’s now-infamous proposal to require information on crypto transfers from exchanges to self-hosted wallets is back in motion.

Per a Tuesday announcement from the Financial Crimes Enforcement Network, or FinCEN, stakeholders will have another 60 days to respond to the proposal. While a marked improvement from the 15-day comment period of the original proposal, unfortunately for the crypto industry, it doesn’t look like the actual terms of the proposal have changed along with the administration.

The news follows Janet Yellen’s confirmation as secretary of the Treasury last night. Shortly after his inauguration, President Joe Biden ordered a freeze on all midnight rulemaking from agencies run by appointees — the Treasury included.

FinCEN had originally announced the proposal right before Christmas with a wildly truncated comment period so that the final rule could come out before Donald Trump left office. It was rumored to be an initiative directly from Trump’s treasury secretary, Steven Mnuchin, himself. 

The crypto community reacted with outrage, submitting enough commentary and leveraging enough political pressure to get Mnuchin’s Treasury to extend the comment period, effectively passing the proposal off to his successor. Some hoped that Yellen, who Biden named as his treasury secretary nominee back in November 2020, would be less antagonistic toward crypto. 

It remains to be seen what happens after the Treasury gets another round of comments, but the return to this rule on Yellen’s first formal day at work is not cause for optimism. Interested parties can send comments to FinCEN here.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

NYDIG Raises $200 Million From Key Strategic Partners
New York Digital Investment Groups announced that it has raised $200 million from its strategic partners. This includes its...
Mark Cuban Predicts Dogecoin Will ‘Definitely’ Hit $1
Billionaire tech investor and Dallas Mavericks owner Mark Cuban continues to provide a boost to Dogecoin. A week ago...
Ethereum 2.0 Staking Protocol Stakewise Raises $2 Million
Ethereum 2.0 DeFi protocol Stakewise announced a successful $2 million private fundraise ahead of its public launch. The protocol...
Analyst Sees Bitcoin Price Hitting $55,000-56,000; Here’s Why
Bitcoin could reach anywhere between $55,000 and $56,000 in the coming sessions, says Jonny Moe.
Bitcoin Price Surges After U.S. Senate Passes Stimulus Bill
The price of Bitcoin surged 4% to $51,000 on Sunday after the United States Senate passed the expected $1.9...
Kraken CEO: SEC’s Case Against Ripple Could Hurt Crypto Exchanges
Kraken CEO and co-founder Jesse Powell is concerned that the U.S. Securities and Exchange Commission’s (SEC) case against Ripple...

Featured Crypto News

NYDIG Raises $200 Million From Key Strategic Partners
New York Digital Investment Groups announced that it has raised $200 million from its strategic partners. This includes its...
Mark Cuban Predicts Dogecoin Will ‘Definitely’ Hit $1
Billionaire tech investor and Dallas Mavericks owner Mark Cuban continues to provide a boost to Dogecoin. A week ago...
Ethereum 2.0 Staking Protocol Stakewise Raises $2 Million
Ethereum 2.0 DeFi protocol Stakewise announced a successful $2 million private fundraise ahead of its public launch. The protocol...
Analyst Sees Bitcoin Price Hitting $55,000-56,000; Here’s Why
Bitcoin could reach anywhere between $55,000 and $56,000 in the coming sessions, says Jonny Moe.
Bitcoin Price Surges After U.S. Senate Passes Stimulus Bill
The price of Bitcoin surged 4% to $51,000 on Sunday after the United States Senate passed the expected $1.9...
Kraken CEO: SEC’s Case Against Ripple Could Hurt Crypto Exchanges
Kraken CEO and co-founder Jesse Powell is concerned that the U.S. Securities and Exchange Commission’s (SEC) case against Ripple...