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.
The price of Ripple’s XRP kept falling Wednesday despite news that Uphold would now enable fee-free purchases. “XRP is now live on Uphold for members to buy, hold and transfer between any of our 30+ currencies and commodities,” the company said earlier this afternoon in a statement. The popular wallet holds over $153 million in seven other cryptocurrencies, 23 fiat currencies, and four precious metals. Two months ago, it was announced that former Ripple exec Greg Kidd invested $57.5 million into Uphold. Kidd said at the time: “Because of the strength of Uphold’s compliance and controls, I’m willing to pledge a certain amount of my balance sheet, or the balance…