Chamber Launches Petition to Stop 11th Hour Treasury Rulemaking
We recently delivered a letter to U.S. Treasury Secretary Mnuchin expressing procedural concerns over the Financial Crimes Enforcement Network’s (FinCEN) proposed rule on certain digital assets.
In short, the far-reaching implications that this proposed rule would impose on industry warrant a longer comment period – not over two federal holidays and two weekends. As it stands, at the time of press there were only 8 business days allotted for consideration and response. This truncated time frame makes it impossible to fully evaluate the effect of the rule, identify any problems of compliance and unforeseen consequences of the proposed regulation, and decide how to respond to two dozen questions raised for public comment.
To help give our industry and the wider blockchain technology community even more of a voice, we have created a petition (link) calling on Secretary Mnuchin to extend the comment period by 90 days. We welcome and encourage you to join us and have your voice heard.