White House Secretary Ronald Klein issued a memo on the 20th (local time) instructing the Trump administration to withdraw or freeze regulations or policies that were drafted during the administration but not yet announced. Accordingly, the process of enacting the controversial non-trusted cryptocurrency wallet regulation was also frozen.
◆ Freeze regulation of FinCen non-trusted wallet
Cryptocurrency advocates all expressed their welcoming intention to the freezing of regulations that were being carried out through the Financial Crimes Enforcement Bureau (FinCen) under the Ministry of Finance.
Jake Chervinsky, head of the Complex Finance and Defy Group of Blockchain Association, tweeted, “We fought hard and got the right to remake the board after taking a breath. I am positive.”
First disclosed on December 18, last year, the regulation requires exchanges to provide the name and address information of individual wallet owners transferring more than $3,000 per day of cryptocurrency, and to report on high-value cash transactions (CTR) for transactions over $10,000. I am ordering. The industry rebelled, saying, “Because the name or address information of the trader is not specified in the smart contract, it will be technically impossible to comply with it.
FinCen has also received strong complaints from the industry for only fifteen days of comment on the regulation. For now, it is too early to decide how the Biden administration will release this regulation.
◆ WSJ “A new Monetary Supervisory Commissioner, Barr, a former Ripple advisory committee member, is likely to be appointed”
The Wall Street Journal reported on the 20th (local time) that former Treasury official and Ripple advisor Michael S. Barr could be appointed as the next head of the Biden administration’s Monetary Oversight (OCC).
After being ratified by the US Senate, Barr succeeds Brian Brooks as acting director of the OCC. He is the dean of the Ford Department of Public Policy at the University of Michigan. The news came just a few days after the news that Baga is being considered as the next OCC director with Mehsa Baradaran, a law professor.
Barr was a Treasury official who was responsible for regulating banks through the Dodd-Frank Act during the Obama administration. He joined Ripple’s board of directors in 2015, but a recent Ripple Labs spokesman said that Bar is no longer a member of the advisory committee. The spokesman did not mention when Barr left the advisory board.
The former agency Brooks was from Coinbase. When acting as Brooks, OCC accepted an application for a trust bank from Anchorage, a cryptocurrency consignment company, and allowed the bank to use stablecoins and operate blockchain nodes.
CoinDesk said, “Brooks wrote a document of the decision last Thursday before leaving OCC as an agency, but it was not published in the US Federal Register (the official journal of the US government that announces new laws or government policies). It has not yet taken effect.”
It is up to the new director to decide whether the policies decided by Brooks’ OCC will be implemented in the Biden administration.