FinCEN Further Extends Comment Period for Controversial Crypto Rules

The Financial Crimes Enforcement Network (FinCEN) is further extending a comment period for a controversial proposed rule that would require crypto exchanges to gather and store counterparty information for transactions to unhosted wallets.

FinCEN announced the move Tuesday, saying all comments are due 60 days after the change is submitted to the Federal Register, the U.S. government’s logbook. The move is a victory for the crypto industry, which has complained that the previous deadline of 15 days was far too short. FinCEN previously extended the comment period by 15 days for a proposed currency transaction report rule and 45 days for the counterparty data collection rule.

“All comments to the NPRM will now be due 60 days from the date of publication of this Extension Notice in the Federal Register,” Tuesday’s notice said.

Treasury Secretary Janet Yellen, who was confirmed Monday evening by the U.S. Senate. The FinCEN proposal was one issue she was asked about prior to the vote.

“I am aware of the rules proposed by FinCEN in December 2020 regarding how certain digital assets are treated under the Bank Secrecy Act,” she said in a written response. “I agree on the need to ensure adequate consultation with and input from stakeholders. If confirmed, I intend to ensure a full and substantive review of the proposals, which will include an assessment of how to ensure proper input from stakeholders.”



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