There has been a lot of chatter around the proposed rule from the Financial Crimes Enforcement Network (FinCEN) to track crypto transactions. In response to the proposed regulations, cryptocurrency supporters have stepped forward in massive numbers to oppose the rule.
FinCEN gave a 15-day window for the public to respond to its plan. This is shorter than the 60 days that are usually allotted. However, despite the short window, over 65,000 comments were submitted to the division. In response to the number of comments FinCEN received, Jake Chervinsky, Compound general counsel said in a tweet:
The FinCEN public comments that I’ve seen today… it’s seriously crazy, you guys. There are so many of them. They’re so detailed. They make such good arguments. There are so many of them. No way FinCEN can legitimately work through all of this before January 20th. No way.
As of press time, over 7,000 of the comments were already publicly available on the Regulations.gov website.
Apart from crypto advocates, several large companies operating in the industry such as Coinbase, Square, Circle, and Kraken have also kicked against the proposed regulations.
FinCEN is a division of the US Treasury department. The new rule would require crypto exchanges and services to report the personal details of anyone who moves $10,000 or more in cryptos to a private wallet. Companies also have to store details of all transactions sent to a private wallet that is above $3,000.