Crypto Players Plea for More Opposition to FinCEN Regulation Proposal
Source: Adobe/BillionPhotos.com
Industry players are urging the crypto community to mount an assault on Washington in a bid to halt an under-fire proposal from the US
Treasury Department and theÂ
Financial Crimes Enforcement Network (FinCEN). The proposal seeks to require crypto operators to abide by regulations used to police conventional financial providers.
The proposals, if enshrined into law, would force exchanges and other players to report all transactions above a fixed monetary worth to regulators, and are currently in a short consultancy period that expires in just seven daysâ time.
Dec 27, 2020 Shark Tank s Kevin O Leary Warns Regulators Will Come Down Hard on Bitcoin â It Will Be Brutal
Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, has warned about regulators coming down hard on bitcoin. In addition, he says that “even if bitcoin were to go up another 2,000%, it’s completely irrelevant to institutional clients.”
Kevin O’Leary Warns of Brutal Bitcoin Regulation, Says Bitcoin Is Not an Institutional Product
Canadian investor and television personality Kevin O’Leary talked about bitcoin in an interview on Thursday with CNBC’s Squawk Box.
O’Leary was asked whether he had changed his mind about bitcoin from thinking that it was “not a real currency” to investing in it and possibly buying more. “Let me be clear … I’ve been a cryptonian for years,” the Shark Tank star replied.
On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to establish new requirements for convertible virtual currency.
On December 18, the Financial Crimes Enforcement Network (“FinCEN”) issued a
proposal to impose on banks and money service businesses (“affected institutions”) a new set of rules for digital currency transactions involving “unhosted” digital asset wallets (
i.e., wallets that are not provided by a financial institution or other service and reside instead on a user’s personal device or offline). The proposed rule states that, for the purposes of these new requirements only, the definition of “monetary instruments” at 31 U.S.C. § 5312(a)(3) would be expanded to include convertible virtual currency and digital assets with legal tender status. If adopted, the rule will create significant obligations for recordkeeping, reporting, and identity verification requirements.