The Chamber of Digital Commerce Delivers Letter to U.S. Treasury Secretary Steven Mnuchin Urging Extension of NPRM Comment Period
On Tuesday, December 22, Chamber of Digital Commerce Founder and President Perianne Boring and Chief Policy Officer Amy Davine Kim delivered a letter to U.S. Treasury Secretary Steven Mnuchin requesting an extension of 90 days to respond to the Financial Crimes Enforcement Network’s (FinCEN) proposed rule – expressing procedural concerns. FinCEN released an unofficial version of its Notice of Proposed Rulemaking on the “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets” (the “NPRM”) late on Friday, December 18, publishing the official version in the Federal Register on Wednesday, December 23.
The NPRM only allows for 15 days to comment – a period spanning two federal holidays and two weekends – effectively truncating it to a mere 8 business days. Such a short period renders it impossible to fully evaluate the proposed rule’s effects, legal concerns, and unforeseen consequences. Additionally, the current comment period impedes industry’s ability to respond to the two dozen questions raised for public comment. As a result, we argue that the 15-day comment period is wholly inadequate and undermines the legitimacy of the proposed rule under the Administrative Procedure Act.