Washington, D.C. - Today, Congressman Tom Emmer (MN-06) and seven of his colleagues and Senator Tom Cotton sent a letter to Treasury Secretary Steven Mnuchin to express concerns regarding a limited comment period to respond to a recently released rule making significant changes to the regulation of digital assets. The rule was announced on December 18, 2020, and comments must be received by January 4, 2021.
The Financial Crimes Enforcement Network’s (FinCEN) rule would require certain members of the cryptocurrency industry to submit additional reports and keep records relating to customer identities if transactions are made above certain thresholds. The additional data collection also pertains to unhosted wallets, which do not require a financial institution to conduct transactions.
Congressman Emmer's letter requests a 60 day comment period for public and stakeholder input on the rule before it is finalized, and a potential delay of implementation to allow stakeholders to become compliant.
“The blockchain industry and cryptocurrency innovations are constantly and rapidly evolving. Government frequently struggles to keep up. We owe it to this community to be fair, transparent, and open to stakeholder advice," said Emmer.
"Our request is simple: allow additional flexibility for stakeholders to comment and advise our government on this proposal," Emmer concluded.
Read the letter here.