Coinbase Addresses Proposed Rules On Crypto Transactions From US Treasury

There are various issues these days about crypto and regulation and the massive lawsuit that the SEC threw against Ripple.

We already reported that Ripple Inc. said that it would defend itself against a lawsuit from the SEC that is claiming the company violated investor protection laws when they sold XRP.

Coinbase speaks out against the new set of rules

Crypto exchange Coinbase is now speaking out against the new set of rules that are proposed by the FinCEN an agency of the US Treasury.

Under these proposed rules, banks and money service providers would be required to provide personal data of wallet owner who transfer more than $10k in 24 hours.

More than that, it’s been revealed that exchange will be required to maintain records fo transactions by private and unhosted wallets amounting to $3,000.

The agency reportedly has 15 days of public consultation, and Coinbase had something to say about this as well.

In a letter that was shared with FinCEN, director Kenneth Blanco, Coinbase notes that 15 days spanning public holidays is not enough time to conduct a detailed analysis and extensive cost assessments.

“In the notice, FinCEN asks for comments on 24 separate questions (more than three pages of the notice alone). Based on our initial review over the weekend, responding to those issues will require Coinbase and many other companies to undertake detailed technical analyses, extensive costs assessments, and complex balancing of privacy interests for the customers whose personal information would now be required to be turned over automatically to a government agency.”

Coinbase also made sure to request the typical 60 day period of consultation in order to create effective regulation that is acceptable to all the stakeholders.

We suggest that you check out the complete blog post that Coinbase created as a response to the proposed rules.

Stay tuned for more relevant news.

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