Nine congressmen have signed a letter to the Treasury Secretary, Steven Mnuchin, telling him to keep his horses.
The proposal has been met with widespread outrage of the crypto community. Among the grievances, many cite the fact that Mnuchin is pushing this rule just weeks before Joe Biden’s government comes to power, and with it his likely replacement, Janet Yellen.
New proposals for rules are invitations for public comment. This remains true in this case, but although the usual comment period is 60 days, the Treasury has only requested 15 days here. The comment period ends on Monday, which is the point that the signers of yesterday’s letter argue:
The proposal in question was made public just before the Christmas holidays and it announced that the public would be given 15 days to submit comments. and would result in stakeholders not being able to respond meaningfully. “
Among the congressmen who signed the letter are many of the usual suspects in crypto law. Blockchain Caucus members Warren Davidson, Tom Emmer, David Schweikert, Darren Soto, and Ted Budd all signed, as did AI caucus leader Bill Foster. However, there are some figures less involved in the crypto industry, including Tulsi Gabbard, Senator Tom Cotton, and the new chairman of the New Democrat Coalition, Suzan DelBene.
Given that the formal period for open comments closes on Monday and today, as you may have noted, is New Year’s Day, the Treasury is unlikely to withdraw. There is, however, a lawsuit against the department for violation of the procedure, should this rule come into effect.