EddieJayonCrypto
24 Jan 24
Coinbase submitted a letter to the US Treasury challenging the assumption that crypto-mixing services are primarily used for illegal activities. The letter, presented by Coinbase's Chief Legal Officer, highlights the lack of a "minimum threshold" in the proposed rules and questions the need for bulk...
Coinbase recently submitted a letter to the US Treasury challenging the assumption that crypto-mixing services are used primarily for illegal activities. The letter was presented by Coinbase's Chief Legal Officer, Paul Grewal, and highlights the lack of a "minimum threshold" in the proposed rules and questions the need for bulk data collection and reporting requirements.
On January 22, Coinbase submitted a letter addressed to the US Treasury’s Financial Crimes Enforcement Network (FinCEN) in response to the notice of proposed rulemaking (NPRM). The letter calls into question the lack of regulation that needs to be filled, as exchanges like Coinbase are already required to report suspicious mixing activity connected to their platforms. The letter advocates for specific guidance instead of mandatory bulk reports and highlights the importance of preserving financial privacy in crypto transactions. Additionally, COIN is currently trading at $121.49 in the daily chart.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.