Proposed FinCEN rule is a ‘grave threat to personal privacy,’ says Coin Center

After the U.S. Treasury Department extended the comment period for anyone to express their thoughts on a proposed crypto rule, non-profit crypto policy advocate group Coin Center has made another — and possibly final — argument to regulators.

Coin Center directed its comment to the Financial Crimes Enforcement Network, or FinCEN, over proposed rules that would require registered crypto exchanges in the U.S. to verify the identity of people using “an unhosted or otherwise covered wallet” for a transaction of more than $3,000 and report on all crypto transactions of more than $10,000. The advocacy group referred to the proposal as “a grave threat to personal privacy, Fourth Amendment rights against warrantless search, as well as a substantial threat to continued responsible innovation.”