Despite many objections to the shortened timeframe, there are public comments tonight in response to the US Treasury’s proposal to require companies such as crypto exchanges to know the identity behind wallets they transact with.
As of Sunday night, the Financial Crimes Enforcement Network, or FinCEN, had done that included 5,633 responses to the proposed rule. That number is despite the fact that FinCEN only gave 15 days, instead of the usual 60 for responses.
The office dropped his announcement on December 18, a Friday night a week before Christmas Day in the United States. Meanwhile, today’s due date is the first usual working day after New Year’s Day. Not to mention that the Treasury is only 16 days away from the auspices of a Biden administration.
FinCEN’s timing has been the subject of criticism from a number of legislators like the crypto community. In addition to the issue, a few potential commenters have reported problems using the main US federal government portal. Especially on Tuesdays and Thursdays there is a separate beta site has damaged links.
Not to mention criticism of the rule itself, which would require registered money service companies, especially crypto exchanges, to both approve the Bank Secrecy Act limits on transactions to and from their platforms and, indeed, proceed to demand that they know the benefits of a self-hosted crypto wallet on the other end of a transaction worth $ 3,000 or more. Many see this as a daring invasion of privacy by a treasury regime that policy does not need to see through.