{"id":139138,"date":"2020-12-22T13:08:23","date_gmt":"2020-12-22T10:08:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-seeks-extended-feedback-deadline-to-fincens-new-crypto-rules\/"},"modified":"2020-12-22T13:08:23","modified_gmt":"2020-12-22T10:08:23","slug":"coinbase-seeks-extended-feedback-deadline-to-fincens-new-crypto-rules","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-seeks-extended-feedback-deadline-to-fincens-new-crypto-rules\/","title":{"rendered":"# Coinbase seeks extended feedback deadline to FinCEN\u2019s new crypto rules"},"content":{"rendered":"

“# Coinbase seeks extended feedback deadline to FinCEN\u2019s new crypto rules <\/strong>”
\n<\/p>\n

Coinbase, one of the largest cryptocurrency exchanges in the United States, is advocating extension for the industry\u2019s feedback deadline to newly proposed crypto rules by the Treasury\u2019s Financial Crimes Enforcement Network, or FinCEN.<\/p>\n

In a Dec. 21 blog post<\/a>, Coinbase\u2019s chief legal officer Paul Grewal addressed\u00a0FinCEN\u2019s newly released rulemaking regarding self-hosted crypto wallets. The blog post represents an open letter to Kenneth Blanco, the director of FinCEN.<\/p>\n

In the letter, Grewal considered the new rules by the Treasury\u2019s Financial Crimes Enforcement Network, as an \u201cunfortunate and disapp<\/a>ointing departure\u201d from the company\u2019s long-running relationship with the regulator.<\/p>\n

Grewal elaborated that the 15-day period granted by FinCEN to the industry to respond to the new rules is not enough, especially given that it is spanning Christmas holidays and comes amid the COVID-19 pandemic:<\/p>\n

\u201cFinCEN asked the public to provide comments in just 15 days, spanning Christmas Eve, Christmas Day, New Year\u2019s Eve, and New Year\u2019s Day, in the middle of a global pandemic \u2014 leaving just a handful of actual working days for comments.\u201d<\/p><\/blockquote>\n

As such, Coinbase\u2019s legal executive asked FinCEN to \u201creconsider its haste\u201d and provide a typical 60-day period notice-and-comment for the proposed rulemaking. Grewal noted that 60-day comment periods to regulations represent an ordinary practice by FinCEN in terms of the traditional financial industry. \u201cFor example, FinCEN\u2019s Customer Due Diligence Requirements for Financial Institutions provided the traditional 60 days for notice and comment,\u201d Grewal noted.<\/p>\n

The exec went on to say that an extended notice-and-comment period will provide the industry with a \u201ctrue opportunity to engage in the review and comment process with respect to the proposed rule as the law requires.\u201d Grewal wrote:<\/p>\n

\u201cThere is no emergency here […] There is also no justification for treating the cryptocurrency industry so differently from our counterparts in traditional finance. […] The same rationale applies even more so in the midst of a global pandemic.\u201d<\/p><\/blockquote>\n

Previously, major industry figures like Circle CEO Jeremy Allaire criticized the new rules, appealing for regulators to collaborate with the industry in adopting crypto regulations. Several members of Congress including representatives Warren Davidson and Tom Emmer also opposed the rumored ban on self-hosted crypto wallets on Dec. 9.<\/p>\n<\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n

\n

If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Coinbase seeks extended feedback deadline to FinCEN\u2019s new crypto rules ” Coinbase, one of the largest cryptocurrency exchanges in the United States, is advocating extension for the industry\u2019s feedback deadline to newly proposed crypto rules by the Treasury\u2019s Financial Crimes Enforcement Network, or FinCEN. In a Dec. 21 blog post, Coinbase\u2019s chief legal officer…<\/p>\n","protected":false},"author":1,"featured_media":139139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/00e3a0b7-e7d2-4e7e-942a-6b4b3bc9f3f0.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74956,74860,76356,71511,70934,67874],"class_list":["post-139138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coinbase","tag-cryptocurrency-exchange","tag-fincen","tag-government","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/139138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=139138"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/139138\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/139139"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=139138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=139138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=139138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}