As the current year comes to an end, the cryptocurrency industry is now becoming more desperate towards the new crypto FinCEN ruling. The entire cryptocurrency community in the United States has its fingers crossed in regards to the new FinCEN ruling.
However, the leader of the Coin Center has proposed a plan related to the new FinCEN law. The executive director at Coin Center ‘Jerry Brito’ has stated that if the plan is followed, then the new crypto FinCEN ruling can be stopped from happening.
As per Jerry Brito, the comments from the users’ end would ultimately make a huge difference in the new crypto FinCEN ruling. The comments made by the users can either stop or may result in mass amendments to be made in the crypto FinCEN ruling.
Coin Center is known popularly as a non-profit crypto policy advocacy group and is reported to be working with Congress in regards to the same ruling.
The plan has been presented by Brito in response to the self-custodied wallet ruling that was recently proposed by the U.S. Treasury.
Initially, the cryptocurrency ecosystem was offered only two weeks of commentary on the new ruling. However, the Coin Center leader is now trying his best to get an extension for the comment period. In order to make it happen, Coin Center is working with Congress so they can send letters to Secretary Mnuchin.
In the letter, it is requested of Secretary Mnuchin to give an extension on the commentary period.
Following the reports, Jerry Brito also went on Twitter and urged all his crypto-followers about the same. He stated that it is crucial for the entire cryptocurrency ecosystem to work together in order to face this obstacle.
Brito also urged the crypto-community to comment on the proposed FinCEN ruling as to how it is going to affect them. He also requested the cryptocurrency community to point out what consequences they would end up facing. At the end of his tweet, he again requested the entire crypto-ecosystem to make a difference with the comments.
The bad news was dropped on the U.S. based cryptocurrency community back on December 18, 2020. As the current Secretary of the U.S. Treasury, Steven Mnuchin is about to exit the office from the 1st of January, he proposed a new regulatory law for the crypto-wallets and their custodies.
If the new law gets passed, then it means that the cryptocurrency services in the U.S. have to become very strict in regards to users’ transactions. As per the new law, the cryptocurrency services in the U.S. will have to run an identity/wallet check before the money can be withdrawn or transferred.
The proposal also advises that the checks would come in place if the withdrawal amount is more than $3,000 & the amount being transferred is more than $10,000.