A recent proposed Financial Crimes Enforcement Network (FinCen) bill would enforce a law where exchanges would be required to collect Name, Social Security, and Address of private wallets used to connect to exchanges.
This change would extend KYC allowing the US government to collect and keep record of every private wallet that ever touches an exchange.
This bill was proposed and was set to expire during the Christmas and New Year holiday but was granted an extension prior to Biden taking office. This would allow for Biden's administration to decide on this controversial bill.
This bill (among most others) has been frozen and will be reviewed at a future date once the Biden administration has deemed it appropriate. This is a common practice as a new administration takes office.
This bill if approved would require a full KYC (know your customer) approval process to use a private wallet with an exchange. This means photo id, name, address, and social security number. This would be required before you can withdraw funds to your own wallets.
While this is good in the sense the bill won't be pushed to law without much publicity, the end is no where in sight as the nominee for Treasury suggested recently that Bitcoin and other crypto must be "curtailed" as it is mainly used for illegal activity.
"You're absolutely right that the technologies to accomplish this change over time, and we need to make sure that our methods for dealing with these matters, with terrorist financing, change along with changing technology,"
Treasury nominee Janet Yellen
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