Friday, April 16, 2021
  • Bitcoin Chart
  • Ethereum Chart
  • Tether Chart
  • XRP Chart
  • Bitcoin Cash Chart
  • Binance Coin Chart
  • Litecoin Chart
No Result
View All Result
Coin Market | Daily bitcoin crypto coin News
  • Home
  • coins news
    • All
    • Binance Coin
    • Bitcoin
    • Bitcoin Cash
    • Bitcoin SV
    • EOS
    • Ethereum
    • Litecoin
    • Tether
    • Tezos
    • XRP
    Shift toward full decentralization pushes Maker (MKR) price above $4K

    Shift toward full decentralization pushes Maker (MKR) price above $4K

    Coinbase ($COIN): Another Crypto Stock HSBC Won’t Touch – CoinDesk

    Coinbase ($COIN): Another Crypto Stock HSBC Won’t Touch – CoinDesk

    Here’s How to Earn Bitcoin with Your Everyday Spending

    Here’s How to Earn Bitcoin with Your Everyday Spending

    Coinbase Pauses Ethereum Withdrawals as It Investigates Issue

    Coinbase Pauses Ethereum Withdrawals as It Investigates Issue

    Nvidia Reportedly Revamps Ampere Silicon To Stop Ethereum Mining For Good

    Nvidia Reportedly Revamps Ampere Silicon To Stop Ethereum Mining For Good

    Tezos USD (XTZ-USD) On Bearish Momentum: 8.44% Down In The Last 12 Hours

    Bitcoin Cash ABC Cryptocurrency Falls By 20% In The Last 24 Hours

    Number go up – CoinGeek

    Number go up – CoinGeek

    BIC’s Video News Show: Will Litecoin Ever Be Cool Again? – BeInCrypto

    BIC’s Video News Show: Will Litecoin Ever Be Cool Again? – BeInCrypto

    Waves sells Duck NFT “Perfection” for $1,000,000 – Coin Rivet

    Waves sells Duck NFT “Perfection” for $1,000,000 – Coin Rivet

    • Bitcoin
    • Bitcoin Cash
    • Binance Coin
    • Bitcoin SV
    • Ethereum
    • EOS
    • XRP
    • Tether
    • Litecoin
    • Tezos
  • Market
  • Latest news
  • Politics
  • Crypto Law
  • Technology
  • Mining
  • Trading
  • Guide
  • Home
  • coins news
    • All
    • Binance Coin
    • Bitcoin
    • Bitcoin Cash
    • Bitcoin SV
    • EOS
    • Ethereum
    • Litecoin
    • Tether
    • Tezos
    • XRP
    Shift toward full decentralization pushes Maker (MKR) price above $4K

    Shift toward full decentralization pushes Maker (MKR) price above $4K

    Coinbase ($COIN): Another Crypto Stock HSBC Won’t Touch – CoinDesk

    Coinbase ($COIN): Another Crypto Stock HSBC Won’t Touch – CoinDesk

    Here’s How to Earn Bitcoin with Your Everyday Spending

    Here’s How to Earn Bitcoin with Your Everyday Spending

    Coinbase Pauses Ethereum Withdrawals as It Investigates Issue

    Coinbase Pauses Ethereum Withdrawals as It Investigates Issue

    Nvidia Reportedly Revamps Ampere Silicon To Stop Ethereum Mining For Good

    Nvidia Reportedly Revamps Ampere Silicon To Stop Ethereum Mining For Good

    Tezos USD (XTZ-USD) On Bearish Momentum: 8.44% Down In The Last 12 Hours

    Bitcoin Cash ABC Cryptocurrency Falls By 20% In The Last 24 Hours

    Number go up – CoinGeek

    Number go up – CoinGeek

    BIC’s Video News Show: Will Litecoin Ever Be Cool Again? – BeInCrypto

    BIC’s Video News Show: Will Litecoin Ever Be Cool Again? – BeInCrypto

    Waves sells Duck NFT “Perfection” for $1,000,000 – Coin Rivet

    Waves sells Duck NFT “Perfection” for $1,000,000 – Coin Rivet

    • Bitcoin
    • Bitcoin Cash
    • Binance Coin
    • Bitcoin SV
    • Ethereum
    • EOS
    • XRP
    • Tether
    • Litecoin
    • Tezos
  • Market
  • Latest news
  • Politics
  • Crypto Law
  • Technology
  • Mining
  • Trading
  • Guide
Coin Market | Daily bitcoin crypto coin News
No Result
View All Result
Home Crypto Law

Why the FATF Travel Rule Shows the FinCEN Crypto Wallet Rule Can Work

March 27, 2021
in Crypto Law
0 0
Why the FATF Travel Rule Shows the FinCEN Crypto Wallet Rule Can Work
Share on FacebookShare on Twitter


One of the more significant controversies to roil the cryptocurrency industry in the last 12 months is the proposed crypto wallet rule.

On 18 December 2020, the US Financial Crimes Enforcement Network (FinCEN), part of the US Treasury, issued a Notice of Proposed Rulemaking (NPRM) that would require banks, crypto exchanges, and any other money services businesses to collect Know Your Customer (KYC) data on anyone transferring cryptocurrency worth $3,000 or more to or from a private wallet.

Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!

It caused an immediate outcry for two reasons.

Firstly, the initial consultation for the NPRM was just 15 days and was scheduled to run over the Christmas and New Year period when most of the world was shutting down for the holidays. Cryptocurrency advocates smelled a rat. Normally consultations last for at least 60 days to allow for wide-scale representations from industry participants.

Maxim Bederov
Maxim Bederov

Second, the diktat appeared designed to be pushed through as part of the death throes of the outgoing Trump administration. Within weeks, Treasury Secretary Steven Mnuchin would be deposed by the incoming Joe Biden presidency, with former Federal Reserve chair Janet Yellen lined up to replace him.

Critics swiftly rounded on FinCEN saying it would be technically impossible for most businesses engaged in crypto services to comply with the ruling. Smart contracts by design do not contain name or address information and are simply pieces of code that enact transactional data.

Within days, FinCEN reported it had received over 7,500 ‘robust’ comments.

The response from Katie Haun, a former Federal Prosecutor and Partner at VC giant Andressen Horowitz (a16z), was typical of the immediate feedback from the industry.

Via Twitter, she alleged that Mnuchin was “trying to squeeze regulatory changes into the tail end of an administration with no process”, promising that a16z would challenge the “procedurally defective…vaguely written…overbroad” ruling in court if it ever got close to being imposed.

Peter van Valkenburgh, Director of research at Coin Center, put it best when he characterised FinCEN’s move as an underhanded ‘midnight rule’, noting that: “The time constraints of the so-called midnight period should never be an acceptable justification for imposing rules on Americans and innovative American businesses without sufficient opportunity for notice and comment.

“In similar situations, banks have been treated to extensive consultation and a gradual (sometimes absurdly slow) rulemaking process. For example, FinCEN has had a bank customer due diligence rulemaking pending and unfinished since 2014.”

Timeline of a Bungled Rule Change

  • 18 December 2020: Steven Mnuchin’s FinCEN issues wallet rule NPRM with unprecedented 15-day consultation. Immediate backlash.
  • 2 January 2021: Original 15-day consultation planned to close
  • 14 January 2021: Under-fire FinCEN announces it is extending the crypto wallet rule comment period for 45 days
  • 21 January 2021: President Biden freezes all Treasury Department rulemaking for 60 days pending a review
  • 22 March 2021: FinCEN regulatory ‘freeze’ scheduled to end

What the Industry Learned from the FATF Travel Rule

In 2018 the Financial Action Task Force’s ‘Travel Rule’ — later codified as ‘Recommendation 16’ — prompted one of the first major existential crises for the industry. The Travel Rule would attempt to bring cryptocurrency transactions into line with wider regulation around anti-money laundering (AML) and KYC, specifically calling for personal data to ‘travel’ with transactions. Any person who received over $1,000 in cryptocurrency must be identified, they said. The recommendations were finalised in June 2019 and the deadline for compliance set 12 months later.

As one of the world’s most powerful intergovernmental watchdogs, when the FATF speaks, financial services businesses sit up and listen.

But,…



Read More:Why the FATF Travel Rule Shows the FinCEN Crypto Wallet Rule Can Work

Tags: cryptoFATFFinCENruleshowstravelWalletWork

Related Posts

MicroStrategy to Buy More Bitcoin After $1 Billion Purchase (1)
Crypto Law

U.S. Narrows Cryptocurrency Records Request After Court Pushback

April 15, 2021
Labor SMART, Inc. To Accept Bitcoin and Ethereum as Payment
Crypto Law

Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming

April 14, 2021
Wyoming’s new online sports betting law allows crypto betting
Crypto Law

Wyoming’s new online sports betting law allows crypto betting

April 13, 2021
MicroStrategy to Buy More Bitcoin After $1 Billion Purchase (1)
Crypto Law

MicroStrategy Pivots to Bitcoin Payouts for Board of Directors

April 12, 2021
EBON Investor Alert: Rosen Law Firm Encourages Ebang International Holdings
Crypto Law

EBON Investor Alert: Rosen Law Firm Encourages Ebang International Holdings

April 11, 2021
INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class
Crypto Law

INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class

April 10, 2021
Vinergy Announces Strategic Financing of $1.5 Million to Accelerate Blockchain
Crypto Law

Vinergy Announces Strategic Financing of $1.5 Million to Accelerate Blockchain

April 9, 2021
A Tax Change Is Coming, Maybe
Crypto Law

A Tax Change Is Coming, Maybe

April 8, 2021
The Cowboy State Tames Bitcoin’s Regulatory Wild West | The Regulatory Review
Crypto Law

The Cowboy State Tames Bitcoin’s Regulatory Wild West | The Regulatory Review

April 7, 2021
TechX Announces Catalyx’s CADx as the First Canadian Stablecoin to Be Listed on
Crypto Law

TechX Announces Catalyx’s CADx as the First Canadian Stablecoin to Be Listed on

April 6, 2021
Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments
ADVERTISEMENT

Today Trends

Shift toward full decentralization pushes Maker (MKR) price above $4K

Shift toward full decentralization pushes Maker (MKR) price above $4K

April 16, 2021
Coinbase ($COIN): Another Crypto Stock HSBC Won’t Touch – CoinDesk

Coinbase ($COIN): Another Crypto Stock HSBC Won’t Touch – CoinDesk

April 15, 2021
Here’s How to Earn Bitcoin with Your Everyday Spending

Here’s How to Earn Bitcoin with Your Everyday Spending

April 15, 2021
Coinbase Pauses Ethereum Withdrawals as It Investigates Issue

Coinbase Pauses Ethereum Withdrawals as It Investigates Issue

April 15, 2021
Nvidia Reportedly Revamps Ampere Silicon To Stop Ethereum Mining For Good

Nvidia Reportedly Revamps Ampere Silicon To Stop Ethereum Mining For Good

April 15, 2021
Tezos USD (XTZ-USD) On Bearish Momentum: 8.44% Down In The Last 12 Hours

Bitcoin Cash ABC Cryptocurrency Falls By 20% In The Last 24 Hours

April 15, 2021

Bitcoin News

Here’s How to Earn Bitcoin with Your Everyday Spending

Here’s How to Earn Bitcoin with Your Everyday Spending

April 15, 2021
IBD 50 Stocks To Watch: Square Bets On Bitcoin As Cashless Trend Keeps Growing

IBD 50 Stocks To Watch: Square Bets On Bitcoin As Cashless Trend Keeps Growing

April 14, 2021
What Are the Legal Challenges That Crypto Faces and the Way Out?

What Are the Legal Challenges That Crypto Faces and the Way Out?

April 13, 2021
Bitcoin ATM Machine Market Huge Growth Opportunities and Trends to 2027 – ROUGH

Bitcoin ATM Machine Market Huge Growth Opportunities and Trends to 2027 – ROUGH

April 12, 2021
Why Dogecoin Is Up 20% | Benzinga

Why Dogecoin Is Up 20% | Benzinga

April 11, 2021

Market News

Partisan battle brews over granting crypto, other firms new fintech banking

Partisan battle brews over granting crypto, other firms new fintech banking

April 15, 2021
Wednesday’s Market Minute: Bitcoin’s Gold Narrative Isn’t Adding Up | Benzinga

Wednesday’s Market Minute: Bitcoin’s Gold Narrative Isn’t Adding Up | Benzinga

April 14, 2021
Bitcoin Is a Bright Spot in a Frustrating Market

Bitcoin Is a Bright Spot in a Frustrating Market

April 13, 2021
Ethereum hits new high as blockchain miner Argo posts record revenue

Ethereum hits new high as blockchain miner Argo posts record revenue

April 12, 2021
What’s the Difference Between Bitcoin and Ethereum? | The Motley Fool

What’s the Difference Between Bitcoin and Ethereum? | The Motley Fool

April 11, 2021

Politics

Coinbase CEO Says Listing Is a ‘Shift in Legitimacy’ for Crypto

Coinbase CEO Says Listing Is a ‘Shift in Legitimacy’ for Crypto

April 15, 2021
Labor SMART, Inc. To Accept Bitcoin and Ethereum as Payment

QUOTES-Investors on death of notorious Wall Street scammer Bernie Madoff

April 14, 2021
Cryptocurrencies: a $2.0-trillion market

Cryptocurrencies: a $2.0-trillion market

April 13, 2021
Binance Allows Users to Trade Tokenized Stock Tokens Starting With Tesla

Binance Allows Users to Trade Tokenized Stock Tokens Starting With Tesla

April 12, 2021
Seven Stanford scholars awarded Guggenheim Fellowships – Stanford Today

Seven Stanford scholars awarded Guggenheim Fellowships – Stanford Today

April 11, 2021
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • CCPA
  • DMCA

© 2020 MarketOfCoin.com

No Result
View All Result
  • Home
  • coins news
    • Bitcoin
    • Bitcoin Cash
    • Binance Coin
    • Bitcoin SV
    • Ethereum
    • EOS
    • XRP
    • Tether
    • Litecoin
    • Tezos
  • Market
  • Latest news
  • Politics
  • Crypto Law
  • Technology
  • Mining
  • Trading
  • Guide

© 2020 MarketOfCoin.com

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$57,374.00-2.57%
  • ethereumEthereum(ETH)$2,088.59-2.07%
  • tetherTether(USDT)$0.999-0.21%
  • rippleXRP(XRP)$1.0525.21%
  • bitcoin-cashBitcoin Cash(BCH)$649.571.38%
  • binance-coinBinance Coin(BNB)$400.298.80%
  • chainlinkChainlink(LINK)$33.997.00%
  • republic-protocolREN(REN)$1.062.88%
  • you-coinYOU Chain(YOU)$0.015-3.88%
  • namecoinNamecoin(NMC)$1.53-3.18%
  • rupiah-tokenRupiah Token(IDRT)$0.000068-0.08%
  • okcashOKCash(OK)$0.0521.17%

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

We respect your privacy and take protecting it seriously

wpDiscuz