A bipartisan group of US lawmakers is asking the US Treasury to reconsider a proposed rule that would change how cryptocurrency transactions are monitored.
The rule would require crypto companies to report when their customers move $10,000 or more in cryptocurrency in a 24-hour period. The identity and address of the crypto recipient must also be shared directly with the Financial Crimes Enforcement Network (FinCEN), an agency of the US Treasury Department. Additionally, the legislation would force companies to maintain a record of all transactions sent to privately-held crypto wallets if the transaction is worth $3,000 or more.
Nine lawmakers have sent a letter to Treasury Secretary Steve Mnuchin, asking him to extend the 15-day comment period for the proposed rule, which is shorter than the 60-day period typically given for rule changes.
Lawmakers are also asking that companies be given more time to implement the rules if and when they go into effect.
“We request the following from the Treasury Department and FinCEN:
• Extend the review period for the Notice of Proposed Rulemaking (NPRM) from 15 days to 60 days so that stakeholders have a meaningful opportunity to evaluate how the proposed rule will impact their businesses and customers; and
• Consider an extension of implementation of this proposed rule by an appropriate timeframe (potentially six months), so that stakeholders may carefully consider and develop the technological solutions that will be required to implement any final rule, should it go into effect.”
The proposed rule is one of two major regulatory pushes from FinCEN.
The agency has also announced plans to require Americans to report whether they are holding $10,000 or more in cryptocurrency in offshore accounts.
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