Monday, January 18, 2021

Lawyers urge Munichin to shut down rumored wallet rules

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Four U.S. lawmakers want Treasury Secretary Steven Manucheh to reconsider his rumored crypto-wallet rules.

Repress. Warren Davidson (R-Ohio), Tom Emmer (R-Min.), Ted Bud (RNCC) and Scott Perry (R-Pen.) Sending a letter To Manuchin on Wednesday, “expressing our concern” about the rumored self-hosted wallet regulation that the secretary clearly wants to implement in the coming weeks

Coinbase CEO Brian Armstrong Tweeted last month Manuchin was “planning to run” these new rules, so that they would probably need a crypto exchange to verify your customer’s information for a self-hosted wallet before they could send cryptocurrencies off the platform and into the wallet.

According to Wednesday’s letter, the potential legislation would “prevent” American leadership from barring U.S. actors from taking part in space and preventing the Treasury Department from exploiting the financial system of illegal actors. ”

The need for an exchange to maintain many of these KYC data can also be a threat to user privacy, lawyers wrote. Rather, the United States should have a “regulatory balance” between the conservative financial system and the crypto ecosystem.

The letter added that enforcing regulations around self-hosted wallets now could have the unintended effect of turning anyone into a criminal.

In a statement Published online“Before the Treasury can issue midnight rules on the control of self-hosted wallets, Secretary Manuchin must come to the People’s House and talk to delegates about what his rules will do,” Davidson said.

“Over-regulated self-hosted wallets will crush a fledgling industry and leave the United States behind the rest of the world when it comes to increasing the power of blockchain and cryptocurrency.”

Most of the letters were sent to these lawmakers on Wednesday; The day before, Emmer Led a letter The Securities and Exchange Commission sent Jay Clayton, the chairman, to instruct the securities regulator to create some clear guidelines on crypto custody and the Financial Industry Regulatory Authority to approve broker-dealers from the premises.

Clayton wants to step down from his role at the end of 2020.



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