FinCEN’s Discriminatory Rulemaking with Jerry Brito & Peter Van Valkenburgh

 
 
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“It’s warrantless surveillance, it’s mass data collection, just like Snowden revealed for emails and things, just for our financial records. So, we don’t like it, but at the very least we should have equal treatment suffering under this regime.”
— Peter Van Valkenburgh

SHOW DESCRIPTION

Location: Remotely
Date: Tuesday 22nd December
Company: Coin Center
Role: Executive Director & Research Director

Steven Mnuchin, the Treasury Secretary of the United States, is looking to implement a new regulation that would require financial institutions to verify the identity of both senders and recipients of any Bitcoin transaction, over $3000.

A few weeks ago, Coinbase CEO, Brian Armstrong tweeted that Mnuchin was looking to 'rush out' new regulation before the end of President Trump's term in office.

This regulation is not without opposition and Coin Center is addressing many concerns with the new rules and the method in which they are being passed.

In this interview, I talk to Jerry Brito and Peter Van Valkenburgh, Coin Center Executive Director and Research Director. We discuss the implications of the new regulations, the key issues and what you can do to prevent them from passing.

TIMESTAMPS

00:04:03: Introductions
00:04:36: The proposed FinCEN ruling explained
00:18:51: The rush on the ruling - is it legal?
00:19:53: The Administrative Procedure Act
00:31:13: Coin Center's plan to tackle the ruling
00:33:30: Applicable case law
00:36:46: Is the threat of a ban on Bitcoin over?
00:38:54: Stablecoins and Libra
00:42:44: Potential future Bitcoin battles
00:45:14: Coin Center's level of funding
00:47:50: The STABLE Act
00:52:18: Increased government support for crypto
00:56:39: Final comments

 

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SHOW NOTES

PodcastPeter McCormack