The Financial Crimes Enforcement Network announced on Thursday it would reschedule its proposed rule changing period for 15 more days regarding its reporting requirements. After that, additional 45 days for counterparty reporting requirements and requirement on recordkeeping will be added.
Initially submitted on December 18, the proposals foresaw exchanges to store address and name information for users transferring over $3,000 in cryptocurrency per day to their personal crypto wallets, and file currency operation reports for users transferring over $10,000 per day.
Opponents of the new rule noted that it will be technically impossible for most ventures to comply with it because author-decentralized tools and smart contracts do not contain name or address data to provide in the first place.
Perhaps more importantly, the 15-day rescheduling suggests Treasury Secretary Steven Mnuchin, who is thought to be leading this effort, will no longer take office by the time the new comments period ends while allowing FinCEN to better receive industry feedback.
