{"id":56300,"date":"2021-03-16T08:21:07","date_gmt":"2021-03-16T12:21:07","guid":{"rendered":"http:\/\/stateofthenation.co\/?p=56300"},"modified":"2021-03-16T08:21:16","modified_gmt":"2021-03-16T12:21:16","slug":"grave-threat-to-personal-privacy-looms","status":"publish","type":"post","link":"http:\/\/stateofthenation.co\/?p=56300","title":{"rendered":"‘Grave Threat to Personal Privacy’ Looms Large!"},"content":{"rendered":"

Proposed FinCEN rule is a ‘grave threat to personal privacy,’ says Coin Center<\/h1>\n

In its latest comment, the advocacy group goes after the proposed requirement to create currency transaction reports for crypto transactions.<\/h3>\n
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Cointelegraph.com<\/p>\n

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 \u2014 and possibly final \u2014 argument to regulators.<\/p>\n

Coin Center\u00a0directed<\/a>\u00a0its 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 \u201ca grave threat to personal privacy, Fourth Amendment rights against warrantless search, as well as a substantial threat to continued responsible innovation.\u201d<\/p>\n

Specifically, Coin Center said crypto transactions should not be subject to the same requirements as those facing bank customers moving $10,000 or more in cash. The group\u00a0claims<\/a>\u00a0that requiring institutions to create a currency transaction report, or CTR, for crypto transactions is “automated mass surveillance of innocent transactions.”<\/p>\n

“Any transaction over $2,000 that is merely ‘relevant to a possible violation of law or regulation’ will trigger a suspicious activity report (SAR) requirement, which already applies to crypto transactions today,” said Coin Center. “Any CTR report filed without an accompanying SAR is, by definition, a report about an American resident\u2019s entirely innocent and otherwise private financial activities.”<\/p>\n

The group added:<\/p>\n

“If FinCEN insists on further extending the gambit of warrantless mass surveillance, then it should by no account do so in a way that prejudices new technologies and the companies and individuals that use them.”<\/p><\/blockquote>\n

FinCEN first\u00a0proposed the crypto wallet rule<\/a>\u00a0in December and said its website was open to comments until Jan. 4. The regulatory body later\u00a0extended<\/a>\u00a0this deadline on Jan. 15 for an additional 14 days until its most recent \u2014 and possibly final \u2014 extension to March 29.<\/p>\n

Since the proposed rules were filed last year, Coin Center has urged people in the crypto space to file comments to regulators, and\u00a0decried the original short window of opportunity<\/a>\u00a0to do so. Feedback from groups like Coin Center and the\u00a0Blockchain Association<\/a>\u00a0could have been responsible for one or more of the extensions, which pushed the proposed wallet rule out of the former administration’s purview to that of recently confirmed Treasury Secretary Janet Yellen.<\/p>\n

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\nhttps:\/\/cointelegraph.com\/news\/proposed-fincen-rule-is-a-grave-threat-to-personal-privacy-says-coin-center<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Proposed FinCEN rule is a ‘grave threat to personal privacy,’ says Coin Center In its latest comment, the advocacy group goes after the proposed requirement to create currency transaction reports for crypto transactions. NEWS Cointelegraph.com After the U.S. Treasury Department … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-56300","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/56300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56300"}],"version-history":[{"count":0,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/56300\/revisions"}],"wp:attachment":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56300"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}