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October 2, 2022
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– Bitcoin, cryptocurrencies and blockchain technology.

US Congressmen criticize the US Treasury for too hasty introduction into the legislative circulation of a new legal proposal on monitoring the cryptocurrency market.

Congressmen on the side of the cryptocurrency market

Nine congressmen have just signed a letter to Treasury Secretary Steven Mnuchin, in which they suggest that he stop the legislative process of a new legal proposal on monitoring the cryptocurrency market. The letter responds to the Treasury’s recent proposal that registered cryptocurrency companies should store more information about their clients. The idea is mainly based on introducing the idea of ​​registered addresses in the blockchain to the market. In other words, almost every user of the cryptocurrency exchange in the US would have to declare that they have the address in the blockchain.

The proposal was met with widespread outrage by the cryptocurrency community. Among the complaints, many cite the fact that Mnuchin wants to introduce the new law a few weeks before Joe Biden’s administration comes to power.

In addition, the official wants to conduct the legislative process at an express pace. While the usual period for commenting on potential new regulations is as high as 60 days, the Treasury has asked for just 15. The comment period expires on Monday, which is what the signatories of yesterday’s letter are struggling with:

“The proposal in question was made public just before Christmas and it was announced that the public would have 15 days to comment. A comment period of eight working days over two public holidays is not appropriate to regulate any industry and could result in stakeholders not being able to respond in a meaningful way. “

Congressmen who signed the letter include, for example, Warren Davidson, Tom Emmer, David Schweikert, Darren Soto, and Ted Budd. They were also joined by Tulsi Gabbard, Senator Tom Cotton, and the new president of the New Democrats Coalition, Suzan DelBene.

Given that the formal commenting period ends on Monday, it is unlikely that the Treasury will back out of the process.

Biden administration

However, let us remind you that a new administration, headed by the new US president, Joe Biden, comes to power almost within days. It is unclear how it will approach the digital currency market.

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