The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S Department of Treasury whose primary duty is to collate, summarize, and analyze financial transactions related data. The bureau, which is also in charge of combating both domestic and international money laundering crimes, terrorist financing, and a host of other financial crimes, have recently proposed a new rule in the country that will require crypto exchanges to properly verify the identity of their customers who are transacting above $3,000 via suspicious wallets. The bureau’s unique proposition had allowed the public of 15days to share their opinion on the new rules.
The U.S bureau may have accidentally extended or not
The question that has bemused most of the users in the last three days has been fuelled because the initial proposed date of comment feedback on the new development was due to elapse on 4th January 2021. However, in a surprise twist of turns, regulations.gov, the official website tasked with receiving feedback from the public, has informed users that they have until 7th January 2021 to give feedback.
Another keen look at the situation may be suggesting that the bureau, which had given the public 15days to submit their opinions and queries, might not have submitted the cryptocurrency proposal on 20th December 2020 as it claimed. A few analysts also believe the request might have been open to receiving comments on 23rd December 2020, making sense for the unannounced extension bemusing users.
Digital rights group speaking up against FinCEN
Fight for the Future(FFTF), founded in 2011, is a nonprofit advocacy group in digital rights. The group is currently not pleased with the new FinCEN rule and urges its members and the public to speak up against what it termed a violation of human digital rights.
A top member of the group, Dayton Young, has jokingly termed the unannounced extension a disgrace to the arithmetics of government officials who can not count. FFTF via Young has joined a whole list of analysts to argue that the set period of submitting opinions of 15days will not allow FinCEN to get enough public opinion on the new rule.
Young had suggested that a 60-day period will likely be enough to gather enough public opinion on the new rule, which he terms- ambiguous. The comment of Young has also been echoed by Coinbase’s chief legal officer, Paul Grewal, who also believes that the bureau will not be doing the public any favor by enacting a new rule after 15days of opinion, as he also suggested that the 60-day opinion period is fair to all. It is worthy to note that the website is still receiving comments today, but it is still unclear if they will be any further extension or any new update on the current three days extension.