- The crypto community has come together to protest the new FinCen rules regarding cryptocurrency transactions
- Treasury Secretary Steve Mnuchin is keen to get the new rules passed by the time he leaves office on January 20
- FinCen will have no choice but to delay the implementation if they are weighed down by comments from users
The cryptocurrency community has displayed an all too rare show of solidarity in trying to fight the recently proposed FinCen rules on usage of digital assets. Legal experts in the space have been urging cryptocurrency users to write to FinCen to address their concerns with the new rulings which would require all transactions of more than $3,000 to be registered and the identities of recipients recorded, while templates have been provided for those who aren’t sure how to go about it.
FinCen Trying to Rush Through Rule Changes
FinCen revealed the proposed regulations last week, giving an unusually short window for comments, which they are legally bound to read and respond to. Outgoing Treasury Secretary Steve Mnuchin had warned earlier in the year that tougher regulations would be coming this year, but with his position due to be terminated when the Trump administration makes way on January 20 it was thought that he would run out of time.
This hasn’t proved so – Mnuchin and FinCen published the proposed changes just before Christmas with the aim of pushing it through before his departure. Those with experience of dealing with such rulings urged cryptocurrency users to comment about how the rules would negatively impact them, informing the uninitiated that FinCen is duty bound to read, consider, and respond to all comments made in relation to a proposal.
Templates Provided to Ease Process
In order to make the process as effective as possible, crypto think tank Coin Center provided a template that makes the salient points with space for additional comments. Coin Center executive director Jerry Brito also announced that the company is working with congress to formalize their complaint and get it through the correct channels:
1/ Quick update on the FinCEN rulemaking: Coin Center is working with folks in Congress to get some letters sent to Secretary Mnuchin requesting an extension to the rushed comment period.
In the meantime, you can help.
— Jerry Brito (@jerrybrito) December 28, 2020
The best case scenario is that FinCen decides it has been too hasty or that its rules are too restrictive and pulls the proposals. Alternatively it could delay the implementation past the January 20 deadline, which it will have to do if it hasn’t read and responded to all the comments by that point.