'There is no emergency,' say crypto firms as US plans new ownership disclosure rules

News, market analysis, investment scam prevention tips and more ✔️ Your source for latest asset management news and information. This magazine is crafted specifically for those who are interested in diving into the global asset management world. A Bitcoin graph on the Coinbase app. Chesnot/Getty ImagesCoinbase, Kraken, and other cryptocurrency exchanges are pushing back against a US Treasury Dept. proposal that would require them to log personal details about the people who use cryptocurrency. Under the proposal, crypto companies would have to record and report crypto transactions above $10,000, just as banks are required to.  "There is no emergency here; there is only an outgoing administration attempting to bypass the required consultation with the public to finalize a rushed rule before their time in office is done," wrote Paul Grewal, Coinbase chief legal counsel, in a letter sent to FinCEN and posted on the company's blog. Visit Business Insider's homepage for more stories. In a letter sent last week to the US Treasury's FinCEN financial crimes unit, the lead lawyer at Coinbase had a simple message: "There is no emergency here." Coinbase is one of several leading crypto firms pushing back against a FinCEN proposal that would require them to log personal details about the people who use cryptocurrency. Treasury officials published a draft version of the new rules on December 18. FinCEN says the proposal would help stop money laundering, so they put in place a To keep reading about 'There is no emergency,' say crypto firms as US plans new ownership disclosure rules, Click on the link. Seoul, Korea
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