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Just In: FinCEN “Technically” Prohibits Public Comments on Newly Proposed Crypto Wallet Regulations https://coingape.com/fincen-technically-prohibits-public-comments-on-newly-proposed-crypto-wallet/
https://coingape.com/?p=78024
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</div><p>The much-awaited regulations around crypto wallets  that would extend AML regulations to non-custodial wallets were finally <a rel=”nofollow” href=”https://home.treasury.gov/news/press-releases/sm1216″>released</a> by the Financial Crimes Enforcement Agency (FinCEN)  called  “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets.”</p><div class=”coing-after-first-paragraph” id=”coing-833914905″><style>
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<blockquote><p>The new set of rules would require any virtual Asset Service Providers (VASPs) such as exchanges and custodians to record the name and address of the owners of the wallet for any transactions above $3,000 and a full-fledged currency transaction report in cases whetre the tranaction amount exceeds $10,000.</p></blockquote>
<p>The newly proposed regulations were not received with open arms by the crypto community but many believed the proposed regulations by FinCen could have been worst. Jake Chervinsky, a lawyer by profession took to Twitter to explain the proposals of the bill and deemed it “awful.” However, he believed that this is just the beginning and regulations would come around as the adoption grows.</p>
<blockquote class=”twitter-tweet” data-width=”550″ data-dnt=”true”>
<p lang=”en” dir=”ltr”>1/ After a long wait, FinCEN has finally issued its new proposed rule extending AML regulation to non-custodial wallets.</p>
<p>It could’ve been worse (really), but it’s still a terrible rule in both process & substance.</p>
<p>Here’s what it says, what’s wrong with it, & what we do next 👇</p>
<p>— Jake Chervinsky (@jchervinsky) <a href=”https://twitter.com/jchervinsky/status/1340135040399904770?ref_src=twsrc%5Etfw”>December 19, 2020</a></p></blockquote>

<h2>US Treasury Offers 15-Day Public Comment Time Frame, But Technically Blocks Them From Making Any!</h2>
<p>The newly proposed FinCen rules have a very short 15-day time frame allocated for public comment to administrative rules, however, there’s a “technical” catch or loophole that would devoid the public from making any comments at all. The policy read</p>
<blockquote><p>“…because this proposal involves a foreign affairs function of the United States and because ‘notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest.”</p></blockquote>
<p>When enquired about the reasons behind such a short time-frame and the technical blocking the public from any comments, the regulatory body cited ‘significant national security imperatives’. FinCEN elaborated that they have already taken necessary feedback from the stakeholders of the blockchain community justifying their reason behind such an accelerated time frame.</p>
<p>A series of government policies and regulations towards crypto proposed in the past quarter seems more regressive be it the new STABLE Act bill, or the new FATF travel guidelines, the government seems to be quite determined to ensure that the rise of cryptocurrencies does not interfere with their sovereignty to issue money.</p><div class=”coing-content” id=”coing-443439919″><style>
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<p>To keep track of DeFi updates in real time, check out our DeFi news feed <a href=”https://bit.ly/2FCrQBp” target=”_blank” rel=”nofollow noopener”>Here</a>. </p>

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<span class=”head”> Author: Prashant Jha </span>
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<img alt src=”https://secure.gravatar.com/avatar/81a738f51fe024edfab8d258334b4082?s=96&d=mm&r=g” srcset=”https://secure.gravatar.com/avatar/81a738f51fe024edfab8d258334b4082?s=192&d=mm&r=g 2x” class=”avatar avatar-96 photo” height=”96″ width=”96″>
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An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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<p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Sat, 19 Dec 2020 14:55:26 +0000 Prashant Jha
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https://coingape.com/fincen-technically-prohibits-public-comments-on-newly-proposed-crypto-wallet/
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DeFi News: SushiSwap Breaches Key Resistance of $3 Post Morgan Stanley’s Bullish Push https://coingape.com/sushiswap-breaches-key-resistance-of-3-post-morgan-stanleys-defi-bullishness/
https://coingape.com/?p=78014
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</div><p>SushiSwap, the infamous fork of Uniswap which was in the limelight recently for all the wrong reasons seems to be gaining market confidence as the price of the defi token breached the key resistance of $3 today. The defi token was at the center of an <a rel=”nofollow” href=”https://coingape.com/solving-the-rug-pull-liquidity-problem-on-uniswap-dex-after-the-sushi-debacle/”>exit-scam</a> accusation in September when its price crashed from $4.44 to $1.20 after the creator of the token liquidated his holdings cashing out $14 million from the total supply.</p><div class=”coing-after-first-paragraph” id=”coing-1115731965″><style>
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<p>The SushiSwap creator also known as Chef Nomi took to Twitter to defend his actions however growing public scrutiny forced him to return the funds. The defi token has held its position in the market and has seen a major uptick in its price since yesterday seeing a 9% rise over 24-hours taking its price above $3 for the first time since September.</p>
<p><img class=”aligncenter size-full wp-image-78017″ src=”https://cdn.coingape.com/wp-content/uploads/2020/12/19184735/SushiSwap-price-today-SUSHI-marketcap-chart-and-info-CoinMarketCap.png” alt width=”1318″ height=”449″></p>
<h2>Rising Institutional Interest in Defi Major Factor Behind Price Rise?</h2>
<p>The institutional interest towards crypto has seen a significant rise in 2020 especially ever since Bitcoin started its ongoing bullish rally last month, institutions have been more upfront about their growing interest in the decentralized space which is not just limited to Bitcoin. Defi has been the top success story of crypto space despite top cryptocurrency’s historical rise and many mainstream institutions are looking forwards to incorporate defi tech for digital banking.</p>
<p>Morgan Stanley, an American multinational investment bank’s head of  digital asset Andrew Peel recently said that Defi is here to stay and said,</p>
<blockquote><p>“I would say the evolution of this current momentum in terms of significant interest in the topic will continue through 2021. I think some of the technology from this DeFi phase will certainly be utilized in some more regulated way throughout 2021 towards 2022,”</p></blockquote>
<p>These bullish comments seem to have initiated a bullish rally in the defi market with top defi tokens seeing a price surge over the past 24-hours.<img class=”aligncenter size-full wp-image-78021″ src=”https://cdn.coingape.com/wp-content/uploads/2020/12/19190254/Top-DeFi-Tokens-Listed-by-Market-Capitalization-CoinMarketCap.png” alt width=”1417″ height=”850″></p><div class=”coing-content” id=”coing-178784326″><style>
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<p>Defi has continued to make progress despite a few scares in-between when the number of exit-scams and hacks suddenly started to crop up leading many to compare the market with the <a rel=”nofollow” href=”https://coingape.com/how-defi-rug-pulls-are-becoming-the-bane-of-the-industry/”>ICO market of 2017</a>. However, despite those scares, the market has continued to make progress both in terms of adoption and development. Many believe Defi would play a critical role in digital banking systems as well as for <a rel=”nofollow” href=”https://coingape.com/defi-forex-fx-multi-billion-dollar-industry/”>Forex Trading.</a></p>
<p>Apart from a bullish sentiment from Institutions such as Morgan Stanley driving the price another factor that might have played in Sushi’s favor is the recent announcement of Yearn.Finance merger as well as the introduction of stop-losses. Popular crypto analyst Joseph Young pointed towards the growing on-chain metrics for Sushi and how the defi token has managed a comeback despite early issues.</p>
<blockquote class=”twitter-tweet” data-width=”550″ data-dnt=”true”>
<p lang=”en” dir=”ltr”>The limit order and the <a href=”https://t.co/DyKT8aVp0c”>https://t.co/DyKT8aVp0c</a> merger are what really set SushiSwap on for success I feel.</p>
<p>Fundamentally, it is at a very strong point, and people no longer view it as a simple fork. SushiSwap is SushiSwap.</p>
<p>— Joseph Young (@iamjosephyoung) <a href=”https://twitter.com/iamjosephyoung/status/1340258579954069504?ref_src=twsrc%5Etfw”>December 19, 2020</a></p></blockquote>

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<p>To keep track of DeFi updates in real time, check out our DeFi news feed <a href=”https://bit.ly/2FCrQBp” target=”_blank” rel=”nofollow noopener”>Here</a>. </p>

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<p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Sat, 19 Dec 2020 13:43:45 +0000 Prashant Jha
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Crypto Lawyer Decodes How FinCEN’s New Crypto Rules Fail to Address Core Issues https://coingape.com/crypto-lawyer-decodes-how-fincens-new-crypto-rules-fail-to-address-core-issues/
https://coingape.com/?p=78012
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</div><p>On Friday, December 18, the U.S. Treasury’s bureau FinCEN proposed new crypto rules making it mandatory for virtual asset service providers (VASPs) to record and report transactions related to private cryptocurrency wallets. There’s been a significant disagreement expressed by the crypto community members and even some crypto-friendly U.S. lawmakers.</p><div class=”coing-after-first-paragraph” id=”coing-1990477010″><style>
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<p>Diving deep into what these proposed rule changes mean for crypto users, lawyer Jake Chervinsky decodes how these rules fail to address the fundamental concerns of preventing illicit activities and money laundering. The lawyer adds that the FinCEN proposed rules only add new obligations on VASPs such as custodians and exchanges. Below are some of the few interesting pointers that Chervinsky notes:</p>
<ul>
<li>The new FinCEN crypto rules proposed by FinCEN doesn’t stop VASP customers from transacting with bad actors. Rather it just forces them to pay an extra fee to withdraw funds to their own wallets. (This was in reference to the deposit and withdrawal limits >10K).</li>
<li>It doesn’t give any additional details to the regulators knowing the fact that VASPs already have all the KYC details of their customers and record all transactions.</li>
<li>More importantly, it infringes the financial privacy rights of U.S. customers. As per the current framework, law enforcement agencies need to issue a subpoena to VASPs to get any information about their customers. Later, the VASPs can challenge this. However, the proposed rules mean that VASPs would need to automatically handover this information every time.</li>
<li>The recent attack on the federal agencies and breach of sensitive information is a testament to the fact that the top regulators are themselves not capable enough to secure their citizens’ information. “Considering the FinCEN Files leak & recent hacks, government hasn’t really shown that it’s using our information effectively or storing it safely. Now isn’t the time to expand government’s warrantless mass surveillance & data collection operations,” notes Chervinsky.</li>
</ul>
<p>In his <a rel=”noopener noreferrer” href=”https://twitter.com/jchervinsky/status/1340135040399904770″ target=”_blank”>complete thread</a>, Chervinksy presents many such loopholes that the new crypto rules fail to address. However, looking at the positive side, Chervinsky notes that this could have been even worse. The only good thing he mentions is that the newly proposed crypto rules “doesn’t require KYC for every transaction with a non-custodial wallet. It isn’t an outright ban on self-custody. It doesn’t prohibit the act of using a permissionless network”.</p>
<h3>Crypto Community Doesn’t Approve FinCEN’s Recent Actions</h3>
<p>Brian Armstrong, the CEO of Coinbase exchange has been vehemently opposing it, soon as the rumors broke out last month. Armstrong details all his views in this <a rel=”noopener noreferrer” href=”https://twitter.com/brian_armstrong/status/1331744884856741888″ target=”_blank”>Twitter thread</a>. He notes:</p>
<blockquote><p>“Given these barriers, we’re likely to see fewer transactions from crypto financial institutions to self-hosted wallets. This would effectively create a walled garden for crypto financial services in the U.S., cutting us off from innovation happening in the rest of the world.”</p></blockquote>
<p>Wyoming Senator-elect Cynthia Lummis, who also happens to Bitcoins, has expressed her dissent with the latest FinCEN action. She <a rel=”noopener noreferrer” href=”https://twitter.com/CynthiaMLummis/status/1339967387253272579″ target=”_blank”>notes</a>:</p><div class=”coing-content” id=”coing-1032778679″><style>
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<blockquote><p>“Congress is best placed to weigh the competing policy issues at stake. A rule adopted now could also potentially extend the BSA to new types of transactions beyond Congress’ intent. Treasury’s rule would also likely be adopted without public comment under an often-abused portion of the Administrative Procedure Act. Transparency makes good policy. It’s really that simple. Let the sunshine in, Mr. Secretary.”</p></blockquote>
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<p>To keep track of DeFi updates in real time, check out our DeFi news feed <a href=”https://bit.ly/2FCrQBp” target=”_blank” rel=”nofollow noopener”>Here</a>. </p>

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<span class=”head”> Author: Bhushan Akolkar </span>
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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<p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p> Sat, 19 Dec 2020 13:28:33 +0000 Bhushan Akolkar
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