{"id":8201,"date":"2021-06-13T17:54:15","date_gmt":"2021-06-13T17:54:15","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-senator-urges-treasury-secretary-to-make-significant-revisions-to-fincens-crypto-proposal\/"},"modified":"2021-06-13T17:54:15","modified_gmt":"2021-06-13T17:54:15","slug":"us-senator-urges-treasury-secretary-to-make-significant-revisions-to-fincens-crypto-proposal","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-senator-urges-treasury-secretary-to-make-significant-revisions-to-fincens-crypto-proposal\/","title":{"rendered":"US Senator Urges Treasury Secretary to \u2018Make Significant Revisions\u2019 to FinCEN\u2019s Crypto Proposal"},"content":{"rendered":"

U.S. Senator Pat Toomey has urged Treasury Secretary Janet Yellen to \u201cmake significant revisions\u201d to the proposed crypto regulation by the Financial Crimes Enforcement Network (FinCEN) and the planned adoption of the guidance issued by the Financial Action Task Force (FATF).<\/strong><\/p>\n

Senator Asks Janet Yellen to Revise Proposed US Crypto Regulation<\/h2>\n

U.S. Senator Pat Toomey wrote a letter to Treasury Secretary Janet Yellen Thursday regarding the U.S. approach to cryptocurrency regulation. \u201cI write to raise concerns with two proposals involving the Department of the Treasury related to the regulation and oversight of cryptocurrencies,\u201d he began.<\/p>\n

The first concern relates to FinCEN\u2019s proposed rule<\/a> for cryptocurrency transactions and the second relates to the FATF guidance on cryptocurrencies and virtual asset service providers (VASPs). The senator described:<\/p>\n

While I recognize that FinCEN and FATF\u2019s proposals are seeking to address the misuse of cryptocurrencies for illicit activity, if adopted, they would have a detrimental impact on financial technology (fintech), the fundamental privacy of Americans, and efforts to combat illicit activity. I urge you to make significant revisions to them.<\/p>\n

The senator spent the first part of his letter explaining that \u201cFostering financial innovation is important\u201d for the U.S. He believes that \u201ccryptocurrencies stand to dramatically improve consumers\u2019 privacy, access to financial services, and power to make decisions for themselves.\u201d<\/p>\n

Toomey then asserted that FinCEN\u2019s proposed crypto rule \u201cwill negatively impact\u201d the U.S., citing two key reasons. Firstly, it would impose \u201conerous recordkeeping\u201d and reporting requirements on crypto transactions \u201cthat extend beyond existing requirements for U.S. dollar transactions.\u201d Secondly, he argued:<\/p>\n

FinCEN\u2019s proposed rule may also prove to be counterproductive in combating illicit activity \u2026 By limiting individual privacy and the ability to transact with financial institutions, the rule would likely push bad actors to utilize methods that do not interface with financial institutions.<\/p>\n

\u201cAs a result, such cryptocurrency transactions would be less susceptible to appropriate government oversight and detection,\u201d he continued.<\/p>\n

The senator then pointed out that some reporting requirements for USD transactions have not been updated for more than 40 years. \u201cExisting requirements on the U.S. dollar are no longer appropriately tailored to identify illicit activity,\u201d he opined, urging Treasury Secretary Yellen to examine whether they are \u201cappropriate for U.S. dollar transactions.\u201d He emphasized that cryptocurrency \u201ccan be more easily traceable than transactions utilizing U.S. dollars\u201d in some cases.<\/p>\n

<\/p>\n

Turning attention to the FATF guidance, Senator Toomey asserted:<\/p>\n

FATF\u2019s guidance will drive cryptocurrency transactions away from financial institutions, undermining the ability of law enforcement and analytics firms to identify and track illicit activity. FATF should revise its guidance to focus on transactions and entities that warrant regulation.<\/p>\n

Concluding his letter to Yellen, the senator said that the U.S. \u201cshould support, not inhibit, financial innovation,\u201d adding: \u201cI urge you to take a more thoughtful approach to identifying illicit activity so financial innovation can flourish and the privacy of Americans remains respected.\u201d<\/p>\n

Do you think Treasury Secretary Yellen will heed Senator Toomney\u2019s advice? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, fincen crypto regulation, fincen crypto wallet rules, fincen crypto wallets, fincen wallet rules, Janet Yellen, senator pat loomey, senator pat toomey, treasury secretary jenet yellen, US Regulation, us senator<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Senator Pat Toomey has urged Treasury Secretary Janet Yellen to \u201cmake significant revisions\u201d to the proposed crypto regulation by the Financial Crimes Enforcement Network (FinCEN) and the planned adoption of the guidance issued by the Financial Action Task Force (FATF). Senator Asks Janet Yellen to Revise Proposed US Crypto Regulation U.S. Senator Pat Toomey…<\/p>\n","protected":false},"author":0,"featured_media":8202,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8201"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8201"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8202"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}