Coinbase, the largest cryptocurrency exchange in the USA, stated that there are major gaps in the rules proposed by the USA regarding cryptocurrencies.
Coinbase on Monday, January 22 U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) in the dossier submitted, in the proposed guidelines to distortion focused.
US Department of the Treasury (DOJ) The rules proposed by demands unnecessary amounts of data and resources Coinbase also claims that There is no monetary threshold for record keeping and reporting. also emphasized.
On the other hand, crypto platforms, including those for legitimate purposes,Report all crypto mixer activities While emphasizing that the proposed requirement for regulated cryptocurrency exchanges is based on waste of resources, already suspicious activities And illegal crypto mixer activities was reported.
About the issue via social media account in the statement chief legal officer of Coinbase Paul Grewalcollectively the lack of a monetary threshold for suspicious activity will lead them to report all their activities argued:
First of all, we do not see a legislative gap to be filled here. Exchanges like ours are already required to investigate and report suspicious mixing activity connected to our platform. On the other hand, this proposed rule does not include any minimum threshold value; All mixer activities must be reported, no matter how small the values are. This will result in only non-suspicious transactions being reported in bulk. Congress has said such data dumping is a waste of time and resources.