Crypto Firms Blast FinCEN’s Push To Regulate Industry

Law360 (January 6, 2021, 8:45 PM EST) — Cryptocurrency heavy hitters are blasting attempts by the U.S. Department of the Treasury to regulate the industry, claiming that a recent regulatory proposal to clamp down on “illicit finance risks” of crypto transactions is a misguided and hasty effort that could actually have the reverse effect.

The Treasury on Dec. 18 put forth its plan to require reporting for customers transferring more than $10,000 worth of the digital assets. Treasury Secretary Steven T. Mnuchin said at the time that the rule was necessary to address “substantial national security concerns in the CVC market, and aims to close the gaps that malign…

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