As the days of the commentary on the new crypto monitoring proposal come to an end, the U.S. Treasury is waiting anxiously for the law to get approved. However, it seems that the Congresspeople are not happy with the sudden action that has been taken by the Secretary of the U.S. Treasury.
It has been reported that a decent number of Congresspeople have taken matters into their hands regarding the new crypto ruling. There are nine Congresspeople that have signed and sent a written letter to the Secretary of the U.S. Treasury. In the letter, the Congresspeople have simply asked the Secretary ‘Steven Mnuchin’, to not haste things up.
The letter from the Congresspeople comes in response to the recent law that had been proposed by Steven Mnuchin. According to the new ruling, all the firms registered with the U.S. regulators would be required to gather customer information. In the ruling, the gathering of information was stressed by Steven Mnuchin when it came to processing transactions through self-hosted wallets.
As soon as the news of the new proposal landed on media, it spread like a wildfire throughout the crypto-space. The new proposal made by Mnuchin received enormous resistance and negative feedback from the cryptocurrency community.
There are many users that have shared their grievances over the proposal of the new ruling. Many are stating that this is a deliberate attempt made by the Secretary of the U.S. Treasury before he gets replaced by Janet Yellen. The rule has been proposed a month before Joe Biden was to take charge at the office as the 46th President of the United States.
With this move, it would be Joe Biden who would be thrown under the bus. It would be Joe Biden’s administration that would be held answerable for the implementation of the new law.
What has raised the alarms, in this case, is that when a new ruling is proposed, it is followed by a 60-day commentary period. In this period, the entities being affected directly or indirectly by the new ruling have the opportunity to present their arguments. They can share their concerns and consequences their sector would end up facing following the passing of the ruling.
However, what is more, concerning is that for this ruling, the U.S. Treasury has allocated only 15 days for commentary. This goes onto prove that the Secretary of the U.S. Treasury is trying to get the rule passed without being intervened by the new president.
The Congresspeople that have signed the letter include Tom Emmer, David Schweikert, Warren Davidson, Darren Soto, and Ted Bull. These are the Congresspeople that have been the proponents of the cryptocurrency industry.
However, the rest of the Congresspeople who are neutral to crypto-industry but have signed the letter include Suzan DelBene, Sen. Tom Cotton, TulsiGabbard, and Bill Foster.