In the United States, some congressmen made a formal request (through a letter) for the Treasury Department to slow down the new regulation of cryptocurrencies. This request is made within the 15 days when the respondents were given a valid opinion on the proposal.

Background

The group requested a 60-day extension, which is the closest to the US Treasury standard. Likewise, the group affirms that the rush in the process could cast doubt on the proposed resolution’s legitimacy. At the same time, legislators asked the Treasury Department to postpone the entry into force of the law for six months, since market operators need that reasonable time to implement the technology and procedures, which will remain in the time for its fulfillment.

This letter was written on December 31 (in response to the Treasury Department’s proposal) to make registered companies related to cryptocurrencies retain more information about their clients, especially when they carry out operations with wallets of their own custody. This proposal, considered hasty, brought with it some concern on the part of the community.

Public comment period

The new regulation proposal is accompanied by invitations for public comment. It is known that the public comment period usually lasts 60 days. In this case, the Treasury Department has asked that it be done in 15 days, that is precisely the point that the congressmen signing the letter, which mentions that: “the proposal in question was made public just before the Christmas holidays, and announced that the public would have 15 days to submit comments. A comment period consisting of eight business days over two holidays is not appropriate to regulate any industry. It could result in stakeholders being unable to respond in a meaningful way. “

Who is involved?

The congressmen who signed the letter include common characters in the legislation on cryptocurrencies. They, members of the blockchain, are Tom Emmer, Darren Soto, Ted Budd, Warren Davidson, David Schweikert, and Bill Foster. Likewise, figures less involved with the cryptocurrency industry, such as Tulsi Gabbard, Senator Tom Cotton, and Suzan DelBene, incoming president of the New Democrats coalition, have joined. If this rule is approved, since it is thought that the Treasury Department is unlikely to back down, there is talk of a lawsuit against it for violation of the procedure.

What do you think about this topic? Does the law regulating the use of cryptocurrencies in the USA seem hasty?

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