Coinbase asks FinCEN to extend comment period for proposed wallet rule to the traditional 60 days
After the Financial Crimes Enforcement Network (FinCEN) proposed new transaction rules for self-hosted wallets last week, Coinbase is taking issue with the considerably shortened comment period. In a new letter to the regulator, Coinbase is calling for FinCEN to extend to the traditional 60 days.
“FinCEN asked the public to provide comments in just 15 days, spanning Christmas Eve, Christmas Day, New Year’s Eve, and New Year’s Day, in the middle of a global pandemic — leaving just a handful of actual working days for comments,” said the letter.
Coinbase said it had valued a “productive” working relationship with FinCEN in the past but that the current expedited timeline is disappointing.
“We have never seen such a rushed effort for such a significant proposed change in our industry,” the letter said.
Of the 24 separate questions industry players can address from the notice, Coinbase said responses would require detailed technical analyses and extensive cost assessments. It also calls for firms to consider the balance of customer privacy since reporting requirements in the proposed rule would mean transmitting customer identity information to the regulator.
“There is no emergency here; there is only an outgoing administration attempting to bypass the required consultation with the public to finalize a rushed rule before their time in office is done,” said Coinbase’s response.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Go to Source
Author: Aislinn Keely