What Just Happened?
Grab your calculators, folks! The U.S. Treasury Department may have inadvertently gifted an extra breathing room for anyone itching to weigh in on the new crypto regulations proposed by the Financial Crimes Enforcement Network (FinCEN). Last month, FinCEN floated a rule requiring crypto exchanges to verify identifications for transactions over $3,000 involving ‘unhosted’ wallets. Initially, the time to respond was supposedly a speedy 15 days, but turns out, that calculation could use a bit more math.
The Timeline Mix-Up
Originally, the cutoff date was set for January 4th, but according to Regulations.gov — the official comment box for this sort of thing — crypto enthusiasts now have until January 7th at 11:59 PM ET to throw their two cents into the debate. So, if you had already submitted your passionate letter of dissent, congratulations! You might have stuck to the original timeline like a diligent student, but now it seems FinCEN may have put out a proposal on December 23rd instead of the previously reported December 20th. Who knew a few days could have such a ripple effect?
Voices of Dissent
Dayton Young, the product director at a digital rights group called Fight for the Future, didn’t mince words about the incident. “This is a s— show,” he stated, describing the turmoil resulting from what appears to be a monumental counting blunder by government officials. The organization has been vocal in urging the public to voice their opposition to the proposed regulations, branding them an aggressive swipe at personal privacy.
Asking for More Time
Many are asking for an extension allowing for more public input. Young has suggested a robust 60-day comment period, taking into account holiday distractions and ongoing pandemic-related disarray. Coinbase’s chief legal officer, Paul Grewal, echoed similar sentiments, believing that a longer timeframe would yield more thoughtful and diverse feedback.
Waiting for Validation
As of now, Regulations.gov is still accepting comments, but clarity is lacking. Will responses submitted in the twilight hours of January 5th to 7th actually hold weight? That’s anyone’s guess! Cointelegraph attempted to snag a response from FinCEN regarding this curious situation but hit a bit of a wall at publication time.
Final Thoughts
In the end, this is a classic case of ‘government time’ versus ‘real-world time’ and it highlights an amusing yet troubling reality where regulatory processes affect a rapidly evolving industry like cryptocurrency. Will this added comment period make a difference? Or is it just another week for crypto enthusiasts to hone their arguments? Only time (the well-calculated kind) will tell!
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