FinCEN Receives 7,000 Comments to Crypto Rule Changes

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  • FinCEN has received over 7,000 comments on its proposed rule changes for cryptocurrency transaction monitoring
  • Individuals and crypto companies have come together to oppose the suggested rule changes
  • Opponents hope to delay the decision past the January 20 deadline

FinCEN has received over 7,000 comments on the proposed rule changes to cryptocurrency transactions in the U.S., offering hope that the rule change won’t be rushed through before the transition of the presidency two weeks today. FinCEN’s proposed rule changes, which will engender greater scrutiny of cryptocurrency transactions over $3,000, have caused the crypto community to come together like never before and oppose the rulings, which many believe fly in the face of the ethos of cryptocurrency.

FinCEN Proposals Spark Strong Response

FinCEN announced a number of potential rule changes to how crypto exchanges handle transactions, with a slew of information gathered on those who transact more than $3,000 in one go, and with transactions of more than $10,000 being reported to FinCEN.

The proposal caused outrage among crypto enthusiasts and civil libertarians, many of whom feel that the notion of tracking transactions in such a manner goes against the ethos of cryptocurrency.

Crypto supporters with legal expertise have been offering suggestions on how individuals can submit comments in the most effective way, with CoinCenter offering templates to follow for maximum effectiveness. This they have done, with 7,001 comments currently made on the proposal. FinCEN is duty bound to read, consider, and respond to each of these comments, which crypto enthusiasts hope will delay the implementation past the January 20 deadline.

Crypto Companies Join the Fight

Individuals have been joined in voicing their concerns by major players in the cryptocurrency space, as Coinbase, Square, and Kraken all voiced their fears over the proposed FinCEN regulations. Coinbase said the plan reeked of “hostility” toward the industry, while Square said it “creates unnecessary friction and perverse incentives” for crypto users in the U.S. to seek services outside the country. Kraken, one of the oldest names in the crypto space, warned that it constituted “a substantial departure from existing law”.