The U.S. Treasury may have inadvertently increased the odds for anyone looking to submit comments on the Financial Crimes Enforcement Network’s new crypto rules.
Last month, the Financial Crimes Enforcement Network, or FinCEN, proposed rules requiring registered crypto exchanges to verify the identity of people using “an unhosted or otherwise secured wallet” for a transaction over $ 3,000. At the time, the regulator stated that interested parties would have 15 days to respond with comments, and later clarify that the filing period would end on January 4.
According to Regulations.gov – the website responsible for accepting comments on the proposed FinCEN rule – crypto users to have see you tomorrow, January 7 at 11:59 PM ET to respond. This basically means that FinCEN may have submitted their proposal on December 23rd and not December 20th, as previously reported.
“This is a show,” said Dayton Young, product director at Fight for the Future, a Massachusetts-based digital rights group. FinCEN has shifted the response deadline for its latest cryptocurrency surveillance proposal […] because government officials cannot count to 15. ”
The group has encouraged people to speak out against the proposed rule, claim FinCEN tried to “ram through this dangerous new supervisory authority”.
When FinCEN announced the new rule, many argued that the deadline for submitting comments was insufficient. Young suggested that the regulator extend the deadline for comments to 60 days. Coinbase’s chief of legal affairs, Paul Grewal, also has called for a 60-day comment period given the holidays and the ongoing pandemic.
At the time of publication, Regulations.gov will still accept comments after Monday’s deadline, but it is unclear whether comments received between January 5 and 7 will be considered valid. Cointelegraph contacted FinCEN but received no response at the time of publication.