Jeremy Allaire of Circle Pay and Kristin Smith of the Blockchain Association explain the impact of and motivation behind Treasury Secretary Steve Mnuchin’s proposed FinCEN rule that targets “unhosted” wallets. In this episode, they cover:

what the new FinCEN rule says, and how it would impact unhosted or self-hosted wallets, as well as crypto businesses
why they believe this is really politically motivated and unilateral midnight rule making by Secretary Mnuchin
what other bureaucrats and policymakers think should be done instead
whether the rule only affects businesses rather than individuals
what information will be recorded according to the rule
ways to circumvent compliance
how the rule affects DeFi and Web3
the procedural hurdles Mnuchin took to propose the rule, and what they recommend the crypto community to do try to stop the implementation of the rule
how the rule comports with European GDPR regulations
which government entities will be tasked with making the regulatory changes the space needs
why President-Elect Joe Biden’s administration may be more favorable for the space

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Episode links:

Jeremy Allaire: https://twitter.com/jerallaire

Kristin Smith: https://twitter.com/kmsmithdc

Circle: https://www.circle.com/en/

The Blockchain Association: https://theblockchainassociation.org

Stories on proposed rule:

https://www.coindesk.com/fincen-proposes-kyc-rules-for-crypto-wallets

https://www.theblockcrypto.com/post/88347/treasury-crypto-wallets-reporting-rule

Effect on DeFi: https://twitter.com/jerallaire/status/1340060806088671232?s=20

https://twitter.com/jchervinsky/status/1340050400871911424?s=20

Coin Center response: https://www.coincenter.org/a-midnight-rule-for-cryptocurrency-transaction-reports/

Brian Armstrong’s earlier tweet thread: https://twitter.com/brian_armstrong/status/1331745196887867393

Collins Belton’s tweet thread: https://twitter.com/collins_belton/status/1340051986008350721?s=20

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Why Is the Proposed FinCEN Rule for Unhosted Wallets Being Pushed So Quickly? - Ep.204 01:01:18 Share

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Why Is the Proposed FinCEN Rule for Unhosted Wallets Being Pushed So Quickly? - Ep.204