The Financial Crimes Enforcement Network (FinCEN) has issued a notice extending the comment period for its crypto wallet proposal. The extension came shortly after the U.S. Senate confirmed Janet Yellen as the new U.S. Treasury Secretary.
FinCEN Extends Comment Period for Crypto Wallet Rulemaking
FinCEN, a bureau of the U.S. Department of the Treasury, announced Tuesday that it has submitted for publication in the Federal Register an extension notice affecting crypto regulation. The announcement came shortly after the U.S. Senate confirmed Janet Yellen as the new Treasury Secretary.
The Tuesday notice “will lengthen the reopened comment period and set one deadline for all comments addressing its Notice of Proposed Rulemaking (NPRM) regarding certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA),” FinCEN detailed, adding:
Today’s extension notice allows additional time to respond to all aspects of the proposed rule, and sets one closing date for the comment period. All comments to the NPRM will now be due 60 days from the date of publication of this extension notice in the Federal Register.
The bureau explained that under the proposal, banks and money services businesses (MSBs) “would be required to submit reports, keep records, and verify the identity of customers in relation to transactions above certain thresholds” involving unhosted cryptocurrency wallets or crypto wallets “hosted by a financial institution in certain jurisdictions identified by FinCEN.”
Earlier this month, FinCEN issued a notice reopening the comment period for the above-proposed rulemaking. It provided an additional 15 days for comments on the proposed reporting requirements for crypto transactions “greater than $10,000, or aggregating to greater than $10,000, that involve unhosted wallets or wallets hosted in a jurisdiction identified by FinCEN.”
Furthermore, FinCEN “provided for…