Eight members of Congress sent a letter to US Treasury Secretary Steve Mnuchin expressing concern about the short advisory period set for the proposed virtual currency transaction law. During this period, the public is expected to comment on the proposed law.
To Report The Block, the Financial Crimes Network (FinCEN), has proposed the law. Under the law, money changers will be required to enforce stricter policies regarding authentication protocols. Implementing more restrictions on anonymous transactions and insecure wallets is another part of the network’s proposed law. In this law, the period for consulting and sending public opinions is 15 days. Normally, the consultation and comment period for a rule is 60 days.
Tom Emmer, David Schweikert, ren Warren Davidson, ed Ted Budd, Bill Foster, Darren Soto, Susan DelBene And Tulsi Gabbard are the delegates who signed the letter. One copy of the letter was sent to Manuchehr and another to Kenneth Blanco, director of the Financial Crimes Network. The letter also states that if the law is passed, the Financial Crimes Network will have a six-month period to implement it to allow those affected to take action. A part of this letter states:
There are many complexities in the proposed law, with 24 detailed questions posed by FinCEN. It is impossible for the public to be constructive in such a short time. Hasty procedures, on the other hand, call into question the correctness of this law. This rush will make new legislation vulnerable to legal challenges.
In a similar letter, Coin Bess’s exchange had expressed little concern about the deadline. In a letter to Coin Bass, FinCEN was asked to extend the consultation period to answer 24 questions that were on the minds of stakeholders. In another part of his letter, Coin Base states that the Office of the Office for Combating Financial Crimes is in a hurry to meet the expectations of this exchange to cooperate with this institution. Representatives of Congress announced in this letter:
The proposal was submitted just before the Christmas holidays and it was announced that there are 15 days for public comments. Comment time for the New Year holidays is only 8 working days, which is not enough for any industry to legislate, and it may prevent affected people from responding appropriately.