8/29/2021, 7:57:22 PMPositive. +1
December 31, 2020
Washington, D.C. - Today, Congressman Tom Emmer (MN-06), Congressman Bill Foster (IL-11), Congressman David Schweikert (AZ-06), Congressman Darren Soto (FL-09), Congressman Warren Davidson (OH-08), Congresswoman Suzan K. DelBene (WA-01), Congressman Ted Budd (NC-13), Congress Woman Tulsi Gabbard (HI-02) and Senator Tom Cotton (AR) sent a letter to Treasury Secretary Steven Mnuchin to express concerns regarding a limited comment period to respond to a recently released rule making significant changes to the regulation of digital assets. The rule was announced on December 18, 2020, and comments must be received by January 4, 2021.
The Financial Crimes Enforcement Network’s (FinCEN) rule would require certain members of the cryptocurrency industry to submit additional reports and keep records relating to customer identities if transactions are made above certain thresholds. The additional data collection also pertains to unhosted wallets, which do not require a financial institution to conduct transactions.
“The blockchain industry and cryptocurrency innovations are constantly and rapidly evolving. Government frequently struggles to keep up. We owe it to this community to be fair, transparent, and open to stakeholder advice," said Emmer.
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