{"id":33762,"date":"2020-12-22T10:18:50","date_gmt":"2020-12-22T08:18:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=33762"},"modified":"2025-08-28T15:31:03","modified_gmt":"2025-08-28T12:31:03","slug":"coinbase-proposes-extending-discussion-of-wallet-owner-verification-proposals","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/coinbase-proposes-extending-discussion-of-wallet-owner-verification-proposals\/","title":{"rendered":"Coinbase proposes extending discussion of wallet-owner verification proposals"},"content":{"rendered":"<p>The largest American cryptocurrency exchange Coinbase has filed a request with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury to extend the period for public comments regarding proposals for verifying users of non-custodial wallets from 15 days to the standard 60 days.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">Last Friday, FinCEN released a 72-page notice of proposed rulemaking that could have long-lasting, detrimental side effects on the crypto ecosystem. The agency is allowing 15 days for comments. We disagree with this for many reasons. <a href=\"https:\/\/t.co\/8aAgxxP6aF\">https:\/\/t.co\/8aAgxxP6aF<\/a><\/p>\n<p>\u2014 Coinbase (@coinbase) <a href=\"https:\/\/twitter.com\/coinbase\/status\/1341191726866735104?ref_src=twsrc%5Etfw\">December 22, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>FinCEN <a href=\"https:\/\/u1f987.com\/en\/news\/us-treasury-proposes-verifying-users-of-bitcoin-wallets\">proposes<\/a> applying to outgoing transactions of $3,000 or more. For transactions over $10,000, companies would be required to notify the regulator directly. The regulator intends to ensure that the rule cannot be circumvented by splitting a single transaction into multiple smaller parts.<\/p>\n<p>In a December 21 letter addressed to FinCEN Director Kenneth Blanco, Coinbase lawyers urged reconsideration of its approach to this issue, which they described as &#8220;disappointing&#8221; given the previously &#8220;productive&#8221; working relationship with FinCEN.<\/p>\n<blockquote>\n<p>&#8220;The 15-day deadline covers Christmas and New Year and the pre-holiday days in the midst of a global pandemic, leaving only a few actual working days for comments. We have never seen such rushed efforts for such a significant change in our industry,&#8221; the letter says.<\/p>\n<\/blockquote>\n<p>In Coinbase&#8217;s statement, it notes that responses to 24 questions covered by the proposal will require detailed technical analysis and extensive cost assessments. The firm&#8217;s lawyers also urged weighing the balance of customer privacy, as the proposed reporting requirements would entail the disclosure of users\u2019 identities to the regulator.<\/p>\n<blockquote>\n<p>&#8220;There is no emergency. We see only the approaching end of the administration&#8217;s term, which is attempting to bypass the necessary public consultations,&#8221; Coinbase says.<\/p>\n<\/blockquote>\n<p>Earlier in November, Circle CEO Jeremy Allaire, in his <a href=\"https:\/\/u1f987.com\/en\/news\/circle-ceo-urges-u-s-cooperation-in-crypto-regulation\">letter to the Treasury<\/a>, called for cooperation with blockchain-industry representatives in developing regulatory requirements.<\/p>\n<p>Follow ForkLog News on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The largest American cryptocurrency exchange Coinbase filed a request with FinCEN to extend the public-comment period regarding proposals for verifying non-custodial wallet owners from 15 days to the standard 60 days.<\/p>\n","protected":false},"author":1,"featured_media":33763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,269,36],"class_list":["post-33762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-fincen","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"36","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=33762"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33762\/revisions"}],"predecessor-version":[{"id":33764,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33762\/revisions\/33764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/33763"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=33762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=33762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=33762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}