The cryptocurrency world has been subject to an array of regulations as its popularity has been soaring up. Back in December the US financial regulator, FinCEN has urged backs as well as other financial institutions to keep an eye on transactions related to private cryptocurrency wallets. While this rule required the crypto-verse to spruce up their KYC game, a few members of the US Congress wrote a letter to the US Treasury Secretary seeking more time on the rule.
US Congress Writes A Letter To The US Treasury Secretary
A letter signed by nine members of the US Congress including Tulsi Gabbard, Tom Emmer, Darren Soto, David Schweikert, Warren Davidson, Ted Budd, Bill Foster, as well as Susan K. DelBene was sent out to FinCEN director Kenneth Blanco and Steve Mnuchin, the US Treasury Secretary. The letter entailed details pertaining to the FinCEN’s latest crypto rule which required cryptocurrency exchanges to carry out KYC investigations on the private wallets of its users.
All those who signed the letter affirmed that they were as interested in addressing and protecting the national security as the FinCEN was, however, the real problem lies in the time limit given to the crypto platforms. A total of 15 days during the holidays were given to these exchanges. The aforementioned letter urged Secretary Mnuchin as well as Blanco to reconsider the comment period to 60 days. In the letter, the members of Congress pointed out that 15 days wasn’t a “reasonable opportunity” for the American public.
The letter further read,
“This is a highly complex rulemaking as the 24 detailed questions that FinCEN asks in the notice attest. It would be impossible for the public to give meaningful comment with so little time, and a rushed process threatens the legitimacy of this rule. It also makes the new regulations very susceptible to legal challenges.”
At the end of the letter, the members of the US Congress suggested that the rush in the latest rulemaking could affect the community that has been a “cooperative partner with FinCEN.”