Previous month, the Financial Crimes Enforcement Network (FinCEN), proposed rules that would require registered crypto exchanges to verify the identity of people using “an unhosted or otherwise covered wallet” for a transaction of more than $3,000. At that time, the regulator said that stakeholders would have 15 days to respond with comments, later clarifying that the submission period would end on Jan. 4.
According to Regulations.gov (the website responsible for accepting comments on the proposed FinCEN rule), crypto users have until tomorrow, Jan. 7 at 11:59 pm ET to respond.
“This is a s— show,” said Dayton Young, product director at Fight for the Future, a digital rights group based in Massachusetts. “FinCEN has pushed back the comment deadline for its latest cryptocurrency surveillance proposal […] because government officials can’t count to 15.”
The group also encouraged people to speak out against the proposed rule, stating FinCEN attempted to “ram through this dangerous new surveillance authority.”
According to Cointelegraph, when FinCEN announced the new rule, many claimed that the period of time for submitting comments was insufficient. Young suggested that the regulator extend the time for comments to 60 days. Paul Grewal, Coinbase’s chief legal officer, has also argued in favor of a 60-day comment period given the holidays and the ongoing pandemic.
At the time of publication, Regulations.gov is still accepting comments beyond the Monday deadline, but it is not clear whether any received between Jan. 5 and 7 will be considered valid.