The US Treasury Department has now given 60 days to comment on the planned crypto wallet regulation.
The now infamous US Treasury Department proposal to get information about crypto transfers from exchanges to self-hosted wallets is back on track
According to an announcement by the US financial regulator FinCEN on Tuesday, those involved have an additional 60 days to respond to the proposal. While this is a significant improvement over the 15 days it took to comment on the original proposal, the real terms of the proposal have not changed, much to the pain of the crypto industry.
It was confirmed shortly before that Janet Yellen will become Treasury Secretary. Shortly after taking office, President Joe Biden ordered the suspension of all midnight regulations by agencies headed by agents, including the Treasury Department.
FinCEN originally announced the proposal shortly before Christmas with a much shorter comment period so that the final regulation would come into force before Donald Trump left office
It was said that this could be an initiative directly from Trump’s Treasury Secretary Steven Mnuchin
The crypto community responded with outrage, submitting many comments, and applying enough political pressure to get Mnuchin’s Treasury Department to extend the comment deadline and effectively pass the proposal on to his successor. Some had hoped that Yellen, who was nominated by Biden as Treasury Secretary in November 2020 , would be less hostile to cryptocurrencies.
It remains to be seen what happens if the Treasury Department receives further comments. But the fact that this rule will be revisited on Yellen’s first formal day at work is no cause for optimism. Interested parties can send comments to FinCEN here .