• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Tuesday, March 28, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Top Silicon Valley VC defends crypto amid proposal of controversial Treasury rule

13 January 2021
in Regulation
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Yesterday, the U.S. Treasury’s FinCEN branch confirmed that it is working on cracking down on crimes enabled by Bitcoin and other cryptocurrencies.

A to-be-published document from the Financial Crimes Enforcement Network indicated that the rule will force virtual asset service providers to verify the name and address of non-custodial wallet users for any transaction exceeding $3,000. Some also think that this applies to decentralized finance applications, though as these applications are decentralized, it is unclear how this will work.

Related articles

Ripple Vs. SEC To Be Settled On This Date: Cardano Founder

Ripple Vs. SEC To Be Settled On This Date: Cardano Founder

12 December 2022
Access To Crypto Exchange OKX Is Blocked In Russia

Access To Crypto Exchange OKX Is Blocked In Russia

6 October 2022

The Treasury indicated that “convertible virtual currencies” are becoming more prevalent in facilitating “international terrorist financing, weapons proliferation, sanctions evasion, and transactional money laundering.

[crypto-donation-box]

While these concerns are valid — Bitcoin is sometimes used in criminal transactions — many say that this proposed ruling misses the mark.

The public is free to comment on the ruling until early January, at which point it will be implemented in practice through regulation.

Some fear that January is too soon for the government to be moving forward with this and have begun to respond with extensive and heavy-handed analyses outlining why this will actually backfire.

Top VC comes to crypto’s defense

Kathryn Haun, a general partner at a16z focused on crypto assets, recently published an extensive thread bashing the Treasury’s decision to give little time to respond to the decisions:

Cryptohopper
ADVERTISEMENT

“Late yesterday, instead of following that process,  @stevenmnuchin1 slashed the ordinary comment period to just 15 days, on a Friday before the holidays no less, for crypto regulations that to us @a16z and others in the crypto space don’t make much sense.”

1/ There’s a reason the regulatory rulemaking process provides 30-60 days for notice & comment. So that those outside govt – consumers, industry, public interest orgs, academics, etc – have a meaningful opportunity to weigh in & provide viewpoints govt may not have considered

— Kathryn Haun (@katie_haun) December 20, 2020

Haun explained that the normal 30 to 60 days that industry experts and the public get to respond to public rulings gives the government insight into the veracity of a proposed ruling:

“In fact, agencies are encouraged to consider a longer comment period for complex areas. The global and distributed nature of crypto is nothing if not complex. The reason for this amount of time is simple: it’s about due process. The opportunity to be meaningfully heard.”

Not to mention, without this period of analysis, the industry has already determined that the proposed ruling is flawed and will actually only detract from the innovation this space brings.

She proceeded to cite a U.S. senator that highlighted that current anti-money laundering structures, which are being applied to the crypto market right now, falls flat most of the time:

“For these reasons & others we’ll detail publicly before the comment period closes Jan 4, we @a16z oppose the proposed regs & urge against their adoption (needless to say we also take issue w/the process for this midnight rulemaking, though makes it more amenable to challenge).”

Not the only notable backer of crypto

Haun is far from the only prominent individual aside from crypto executives to have thrown their support behind the space as this ruling has been rolled out.

On Friday, incoming Wyoming Senator Cynthia Lummis said that these rules will actually hurt the United States’ dominance in a war in fintech with China and Russia. She added that this would be a waste of government resources, basically, as there exist more pressing issues at hand.

Been doing work on the rumored transaction reporting rule impacting digital assets (currently being contemplated by Treasury) and wanted to share with you where I am: Tweet storm to follow… (1/8)

— Cynthia Lummis (@CynthiaMLummis) December 18, 2020

Like what you see? Subscribe for daily updates.





Source link

Tags: controversialcryptoDefendsProposalRuleSiliconToptreasuryValley
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Bitcoin in Race for Adoption Before Central Banks Launch Digital Currencies: Australia’s Macquarie

Next Post

Breaking down the 20% Bitcoin market crash: over $2.8 billion liquidated

Related Posts

Ripple Vs. SEC To Be Settled On This Date: Cardano Founder

Ripple Vs. SEC To Be Settled On This Date: Cardano Founder

12 December 2022
0

Cardano founder Charles Hoskinson has made an explosive claim about the legal dispute between Ripple Labs and the U.S. Securities...

Access To Crypto Exchange OKX Is Blocked In Russia

Access To Crypto Exchange OKX Is Blocked In Russia

6 October 2022
0

The Russian government reportedly blacklisted OKX’s IP address on Wednesday for possible illegal activity related to a violation of Article...

What Did US Lawmakers Ask Miners Core Scientific, Riot, Marathon & Stronghold?

What Did US Lawmakers Ask Miners Core Scientific, Riot, Marathon & Stronghold?

21 August 2022
0

The four biggest US-based mining operations – Core Scientific, Marathon Digital Holdings, Riot Blockchain, and Stronghold Digital Mining – got...

Bitcoin Trading And Mining Will Now Be Regulated In Paraguay

Bitcoin Trading And Mining Will Now Be Regulated In Paraguay

18 July 2022
0

Bitcoin trading and mining will now be under the crosshair of the Paraguay government. Last month, the Chamber of Deputies...

Bitcoin Gives Way To Ruble: Putin Signs Law Banning Crypto Payments In Russia

Bitcoin Gives Way To Ruble: Putin Signs Law Banning Crypto Payments In Russia

16 July 2022
0

Bitcoin and other types of crypto has just been outlawed in Russia by no less than the commander in chief...

Load More
Next Post

Breaking down the 20% Bitcoin market crash: over $2.8 billion liquidated

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Square Enix-Backed, BLOCKLORDS Taps Polygon for Next-Gen Web3 Gaming Experience | NFT CULTURE | NFT News | Web3 Culture
  • Binance’s BUSD Sees $500 Million In Outflows Following CFTC Lawsuit
  • North Korean Regime Exploits Crypto Mining Services for Cover

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$26,887.00-0.52%
  • ethereumEthereum(ETH)$1,737.851.50%
  • tetherTether(USDT)$1.000.03%
  • binancecoinBNB(BNB)$310.640.81%
  • usd-coinUSD Coin(USDC)$1.000.04%
  • rippleXRP(XRP)$0.507.97%
  • cardanoCardano(ADA)$0.3579934.85%
  • staked-etherLido Staked Ether(STETH)$1,729.08-1.16%
  • dogecoinDogecoin(DOGE)$0.0726300.18%
  • matic-networkPolygon(MATIC)$1.062.13%
  • solanaSolana(SOL)$20.152.19%
  • binance-usdBinance USD(BUSD)$1.000.17%
  • polkadotPolkadot(DOT)$5.942.26%
  • litecoinLitecoin(LTC)$86.45-2.08%
  • shiba-inuShiba Inu(SHIB)$0.0000100.21%
  • tronTRON(TRX)$0.0640651.14%
  • avalanche-2Avalanche(AVAX)$16.490.30%
  • daiDai(DAI)$1.000.10%
  • uniswapUniswap(UNI)$5.732.11%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,975.00-0.68%
  • chainlinkChainlink(LINK)$6.82-0.51%
  • cosmosCosmos Hub(ATOM)$11.294.46%
  • leo-tokenLEO Token(LEO)$3.380.15%
  • ToncoinToncoin(TON)$2.05-3.89%
  • moneroMonero(XMR)$153.93-0.74%
  • ethereum-classicEthereum Classic(ETC)$19.762.65%
  • stellarStellar(XLM)$0.0953044.28%
  • okbOKB(OKB)$42.160.87%
  • bitcoin-cashBitcoin Cash(BCH)$119.740.21%
  • filecoinFilecoin(FIL)$5.361.16%
  • true-usdTrueUSD(TUSD)$1.00-0.21%
  • AptosAptos(APT)$11.010.27%
  • lido-daoLido DAO(LDO)$2.215.10%
  • hedera-hashgraphHedera(HBAR)$0.0588781.05%
  • quant-networkQuant(QNT)$119.861.03%
  • crypto-com-chainCronos(CRO)$0.0667480.28%
  • nearNEAR Protocol(NEAR)$1.850.33%
  • vechainVeChain(VET)$0.0218730.17%
  • apecoinApeCoin(APE)$4.054.58%
  • ArbitrumArbitrum(ARB)$1.15-2.55%
  • algorandAlgorand(ALGO)$0.2007420.80%
  • internet-computerInternet Computer(ICP)$4.771.64%
  • eosEOS(EOS)$1.102.34%
  • blockstackStacks(STX)$0.88-3.46%
  • the-graphThe Graph(GRT)$0.1323390.72%
  • fantomFantom(FTM)$0.4128300.05%
  • the-sandboxThe Sandbox(SAND)$0.612.67%
  • fraxFrax(FRAX)$1.000.13%
  • elrond-erd-2MultiversX(EGLD)$41.311.12%
  • decentralandDecentraland(MANA)$0.570.76%