Joe Biden Freezes Concern-Aroused Cryptocurrency Regulations!
The new president of the US, Joe Biden, has frozen all regulatory processes, including the proposed FinCEN rules that damage the Bitcoin and cryptocurrency market.
Joe Biden froze FinCEN’s regulatory proposal for cryptocurrency wallets!
One of the things Joe Biden did on his first day in office was to freeze Federal regulatory processes, including regulations for cryptocurrency wallets proposed by Former Treasury Secretary Steven Mnuchin . The announcement was made in a statement to the heads of various federal agencies, including the White House’s Financial Crimes Investigation Network (FinCEN). Although the regulations specifically regarding cryptocurrency wallets are not specified in the statement, it is emphasized that all regulations pending review are frozen for 60 days. Compound Finance General Counsel Jake Chervinsky, one of the crypto market experts, commented on this development as follows:
WE FOUGHT HARD AND WON THE RIGHT TO BREATHE AND RESET. JANET YELLEN IS NOT LIKE STEVE MNUCHIN. I AM OPTIMISTIC.
The regulatory proposal for cryptocurrency wallets was made on December 18 by FinCEN, headed by former US Treasury Secretary Mnuchin. If this regulation is approved, banks and money service companies will be required to report, keep records, and verify the identity of customers transacting with private cryptocurrency wallets.
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The regulatory proposal for crypto wallets was heavily criticized by industry leaders, including the CEO of financial services firm Square, at the time it was announced. Critics also noted that it would be technically impossible for many projects to comply with these rules, as smart contracts do not contain name or address information.
Joe Biden, the new president of the US, has appointed Janet Yellen as its Treasury Secretary. But Janet Yellen made critical comments this week that cryptocurrencies are being used “mainly for illegal financing.” Jake Chervinsky, Compound Finance General Advisor, commented on this development in the following words:
THE FIRST IS BETTER THAN MINISTER MNUCHIN, WHO LONG AGO DECIDED HE HATED EVERYTHING CRYPTO-RELATED. SECONDLY, I HOPE THAT JANET YELLEN WILL BE OPEN TO LEARNING AND LISTENING EVEN THOUGH SHE IS NOT CURRENTLY A FAN, AND WILL FOLLOW AN ORDERLY PATH WHEN DECIDING ON NEW ARRANGEMENTS. THIS IS NICE.