Great job Crypto Community! FinCEN backs down and extends comment period by 45 days!
Thanks to all the great comments from the Crypto Community, the Treasury and FinCEN were unable to rush through their latest self-hosted crypto rules
In what turns out to be a giant win for the industry, the Treasury and FinCEN announced today that they are extending the comment period for their self-hosted wallet reporting requirements by 45 days.
Here's the official announcement:
While this doesn't mean that the rules won't eventually pass or be imposed, it does mean that they won't be rushed through and will at least be given some more thought and input from the industry.
The other benefit here is that it pushes this potential rule change to a new administration, one lead by Janet Yellen, which may not be as hawkish towards bitcoin and crypto.
Either way, it was a big win for the crypto industry and they even mentioned in the announcement they got over 7,500 comments in a short period of time which is the reason for the extension.
To all those that took the time to leave a comment, thank you for your help keeping our industry from being strangled out by overbearing regulations!
Stay informed my friends.
-Doc
Posted Using LeoFinance Beta
Crypto to the world.i hope when the rules are enacted, it won't have an overwhelming effect on cryptos
Posted Using LeoFinance Beta
Same here.. I'd prefer that they change them altogether. Having a $3k threshold for triggering reporting requirements is absurdly low in my opinion. It should be more like $25k etc.