Congresspeople chide the Treasury for rushing latest plan on crypto surveillance. Nine congressmen signed a letter to Treasury Secretary Steven Mnuchin having him wait. The Thursday letter came in response to the recent proposal by the Treasury to make registered crypto businesses hold on to more customer information, especially when transacting with self-hosted wallets.
The idea was met with widespread anger from the crypto community. Among the complaints, many cite the fact that Mnuchin is pushing this rule out just weeks before Joe Biden’s administration comes to power, and with it, Janet Yellen, his likely replacement.
Accompanying new proposals for rules are invitations for public comment. This remains true in this case, but while the usual comment period is 60 days, the Treasury has here asked for just 15. The comment period expires on Monday, which is the point that the signatories to yesterday’s letter are fighting against “The proposal in question was made public just before the Christmas holiday, and it announced that the public would be afforded 15 days to file comments. A comment period consisting of eight business days over two holidays is not appropriate for regulating any industry, and could result in in stakeholders being unable to meaningfully respond.”
The congresspeople who signed the letter include many of the usual suspects in crypto legislation. Blockchain Caucus members Warren Davidson, Tom Emmer, David Schweikert, Darren Soto and Ted Budd all signed, as did AI caucus leader Bill Foster. However, some figures less involved in the crypto industry have joined, including Tulsi Gabbard, Sen. Tom Cotton and incoming chair of the New Democrat Coalition, Suzan DelBene.
[image: Ohm Kittipong]