The stupid unhosted wallet rule is making a comeback

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Hi HODLers,

Here they go again...

A rule that was proposed by The rule was first proposed by a U.S. money-laundering watchdog FinCEN in late 2020.

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This rule if enforced would mean that:

CEX would be required to collect names and home addresses, among other personal details, from anyone hoping to transfer cryptocurrencies to their own private wallets.

Secretary Janet Yellen is now the one overseeing the Treasury Department and she revealed that the rule might be considered in this semiannual agenda of regulations, This could be formally published in the Federal Register as soon as Jan. 31.

Here is an extract from the document:

"FinCEN is proposing to amend the regulations implementing the Bank Secrecy Act (BSA) to require banks and money service businesses (MSBs) to submit reports, keep records, and verify the identity of customers in relation to transactions involving convertible virtual currency (CVC) or digital assets with legal tender status ('legal tender digital assets' or 'LTDA') held in unhosted wallets, or held in wallets hosted in a jurisdiction identified by FinCEN,"

The proposed rules has also an unsual short time frame of just 15 days compared to usual comment period of 30 to 90 days !

I guess they do not want the industry to react strongly as they did for the previous one. Let's prove them wrong !

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I hope it doesn't pass but I think it might have a chance of happening. After all, those politicians believe in collecting more personal information off people.

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