• Treasury delays cold wallet monitoring
    Will Treasury Secretary Janet Yellen follow through on predecsessor Steven Mnuchin's cold wallet monitoring plan? (Photo: Wikimedia Commons)
    Regulation

    Good and bad: Treasury delays cold wallet monitoring rule

    The delay gives crypto more time to fight it, but shows that regulators plan to press ahead in the new administration

    January 26, 2021 /

    Proposed on Dec. 18, the regulation would require exchanges to collect personal know-your-customer data from private or “unhosted” cold wallets on the sending or receiving end of transactions of more than $3,000. The Financial Crimes Enforcement Network (FinCEN) originally gave the proposal a very unusual 15-day comment period, which included the Christmas and New Year’s holidays.

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  • Crypto breather FinCEN regulation
    Will incoming Treasury Secretary Janet Yellen be a better friend to crypto than Steven Mnuchin? (Photo: C-SPAN)
    Cryptocurrencies,  Regulation

    Crypto gets breather from FinCEN’s last-minute unhosted wallet regulation

    President Joe Biden’s regulation freeze stops FinCEN from rushing through a ‘midnight rule’ collecting personal data from private wallets

    January 20, 2021 /

    Outgoing Treasury Secretary Steve Mnuchin caused an outcry on Dec. 18, when the department’s Financial Crimes Enforcement Network announced the new rule requiring banks, cryptocurrency exchanges, and other money services businesses to collect know-your-customer (KYC) data about anyone who wants to transfer $3,000 or more to or from an “unhosted” wallet.

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  • a16z promises FinCEN rule court challenge
    Did Treasury Secretary Steven Mnuchin drop a midnight rule or a Christmas rule on crypto? (Photo: Whitehouse.gov)
    Regulation

    Opposition to FinCEN crypto rule grows after a16z promises court challenge

    The industry plans to fight a proposed regulation requiring U.S. exchanges to collect personal data from private wallet-holders

    January 6, 2021 /

    Major United States-based crypto exchanges Coinbase and Kraken, Twitter founder Jack Dorsey’s fintech Square, and financial services giant Fidelity are among the firms that recently filed comments with the Treasury Department's Financial Crimes Enforcement Network strongly opposing the proposed new rules.

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  • FinCEN wallet rule
    U.S. Treasury Secretary Steven Mnuchin wants to regulate wallets on his way out the door (Photo: Wikipedia).
    Cryptocurrencies,  Politics,  Regulation

    FinCEN drops ‘midnight rule’ regulating private crypto wallets

    U.S. Treasury Department’s Financial Crimes Enforcement Network issued a proposal requiring exchanges to collect personal data from self-hosted wallets

    December 18, 2020 /

    Essentially, what FinCEN wants is to require banks, cryptocurrency exchanges, and other money services businesses (MSB) to collect identifying data about anyone who wants to transfer $3,000 or more to or from an “unhosted” wallet.

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