Rather than prematurely adopting a rule on this complex topic, Treasury should immediately begin a transparent process to engage with Congress and industry, building a consensus to drive America forward. (3/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
1/ After a long wait, FinCEN has finally issued its new proposed rule extending AML regulation to non-custodial wallets.
It could've been worse (really), but it's still a terrible rule in both process & substance.
Here's what it says, what's wrong with it, & what we do next 👇
— Jake Chervinsky (@jchervinsky) December 19, 2020