Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

US Lawmakers Say ‘Rushed Process’ Threatens Legitimacy of FinCEN’s Push To Monitor Cryptocurrency Transactions

by Daily Hodl Staff
January 4, 2021
in Regulators
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

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.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram



Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Lux Blue

Submit a Press Release

Crypto Livewire – Press Releases

  • QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
    January 15, 2021
  • The Online Family Office and High Net Worth Blockchain Conference
    December 22, 2020
  • How Blockchain Empowers Wuhan’s Digital Economy Growth – World Blockchain Conference
    December 14, 2020
  • SnapEx Adds LINK, BNB and TRX Alongside Sign-Up Bonus on a Sleek New App
    December 11, 2020
  • What’s the Role of Bots in Crypto Trading?
    December 3, 2020
Submit a Guest Post
Bitcoin
$36,884.00
$36,884.00
5.21%
Ethereum
$1,244.17
$1,244.17
3.11%
XRP
$0.285603
$0.285603
3.97%
Litecoin
$151.92
$151.92
8.34%
Bitcoin Cash
$499.76
$499.76
5.42%

Spotlight

  • Bitcoin Could Rise Above $300,000 This Year, According to On-Chain Analyst Willy Woo
    January 14, 2021
  • UK Treasury Says XRP Is Exchange Token and Not a Security
    January 12, 2021
  • Trader Luke Martin Says These Altcoins Will Outperform Bitcoin and Become Top Crypto Assets of 2021
    January 16, 2021
  • Bitcoin’s Wild Price Action Will Benefit PayPal and Square Even if BTC Plummets, Says Analyst – Here’s Why
    January 13, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2020 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.