• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
ethereum
Nexo Logo

U.S. Congress Members Oppose Treasury Crypto Ruling in Letter

Nick Chong by Nick Chong
1 year ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

One of the biggest stories in crypto right is the news that the Financial Crimes Enforcement Network (FinCEN) branch of the U.S. Treasury is working on cracking down on self-hosted wallets in crypto.

A document that outlines the proposed rule suggests that exchanges and other virtual asset service providers will need to verify the name and address of those that attempt to make withdrawals of over $3,000.

Related Reading: DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP

Proposed Rule Makes No Sense

While this is being done to prevent crypto crime, some think that this doesn’t make any sense.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Kathryn Haun, a general partner at a16z focused on crypto assets, wrote on the matter:

“Late yesterday, instead of following that process,  @stevenmnuchin1 slashed the ordinary comment period to just 15 days, on a Friday before the holidays no less, for crypto regulations that to us @a16z and others in the crypto space don’t make much sense.”

There are others that have highlighted that this is redundant and just a way to prevent users from controlling their own funds. As is, most regulated exchanges have to take the names, addresses, and other details of traders that use fiat. This new rule doesn’t change much and actually goes further than traditional financial institutions need to go for cash transactions.

This rule has created such a stir that U.S. Congress members are coming out against the Treasury in a written letter.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment

Proposed Crypto Ruling By U.S. Treasury Opposed by Congresspeople

In a letter sent to the Treasury on December 31st, 9 congresspeople wrote that they have concerns over the proposed crypto ruling by FinCEN:

“We write to express our concerns regarding the process to respond to the Financial Crimes Enforcement Network’s (FinCEN) Notice of Proposed Rulemaking (NPRM) related to “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets.” We share your goals of protecting national security and supporting law enforcement in their efforts to combat criminals who seek to engage in money laundering, illicit financing, and other criminal activity. However, we are concerned that the Treasury Department’s approach to establishing complex new rules for the recordkeeping and reporting of convertible virtual currency and legal tender digital asset transactions do not afford the American public a reasonable opportunity to respond.”

The group seems to be most opposed to the lack of time given for the American people and for others to respond to the proposed ruling.

The group that sent this letter includes Tom Emmer, Tom Cotton, Warren Davidson, Tulsi Gabbard, and a number of other members of Congress.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: 
U.S. Congressmembers Opposed Treasury Crypto Ruling
Tags: congresscryptotreasury
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

Bitcoin Dominance Remains High As Market Sell-Offs Settle

22 hours ago
Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

1 day ago
bitcoin

Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

1 day ago
Bitcoin on-chain metrics

Bitcoin On-Chain Activity Throttled After LUNA Collapse

2 days ago
Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

2 days ago
Bitcoin

Bitcoin Trading Volume Plummets Down From Recent Top

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Introducing Zenith.Finance, a dark-horse lending protocol crypto players should notice recently

May 27, 2022

An introduction to Capricorn.Finance

May 27, 2022

The Web3 community platform Mojor launched the alpha version

May 27, 2022

LBank Exchange Will List Value Interlocking Exchange Coin (VIC) on May 30, 2022

May 27, 2022

LBank Exchange Will List TEAK COIN (TEAK) on May 30, 2022

May 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.