CEO at Coinbase urges people to fight new crypto regulations from the U.S. Department of Treasury

CEO at Coinbase urges people to fight new crypto regulations from the U.S. Department of Treasury
Brian Armstrong has published a public blog where he advises people to express their concerns about the new crypto regulation.

As you know, the US Treasury Department is proposing new and more stringent measures that require crypto exchange operators to collect much more personal information than before.

This situation did not leave the high-ranking representatives of the most popular crypto exchanges cold, and B. Armstrong publicly calls on people to express their concerns. In the official blog, Brian has published a link and appealed to a page where all interested parties can write a comment directly to the Department of Finance until January 4, 2021.

If this proposal passes and enters into force, crypto exchanges will need to collect the name and address of anyone who sends or receives a transaction worth more than $ 3,000.

That is a substantial intrusion into your privacy without good reason — and a significantly more onerous regulation than traditional financial institutions are held to.

Brian Armstrong

The proposed regulation wants crypto exchanges to collect and share with Treasury personal information associated with crypto transactions involving user controlled wallets (such as Coinbase Wallet).

Brian Armstrong

As for the regulatory environment of cryptocurrencies, the US, with its approach, has already forced many crypto companies to consider leaving the country and change their headquarters.

Let us just recall the recent statements by executive chairman of Ripple, who said that almost every country has a more favorable regulatory environment for cryptocurrencies than the United States.

Read also: India wants to tax cryptocurrencies at 18% and increase the government budget

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