FinCEN’s Discriminatory Rulemaking with Jerry Brito & Peter Van Valkenburgh
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FinCEN’s Discriminatory Rulemaking with Jerry Brito & Peter Van Valkenburgh - WBD292
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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.
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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Connect with Peter:
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Peter’s Blog: http://www.petervv.com/
At Coin Center
Mentioned in the interview:
Join us in responding to an unfair and discriminatory midnight rulemaking
FinCEN.gov: United States Department of the Treasury Financial Crimes Enforcement Network
'There Is No Emergency Here': Coinbase Asks FinCEN to Extend Comment Period on Wallet Regs
Robbing Hood - The Steve Mnuchin Story — The Defiance Podcast
U.S. court: Mass surveillance program exposed by Snowden was illegal
Other relevant WBD podcasts:
WBD189: Beginner’s Guide #8: How is Bitcoin Legal with Peter Van Valkenburgh & Jerry Brito
WBD120: Brian Quintenz on How the CFTC Regulates Cryptocurrencies
WBD050: The SEC's Hester Peirce on Regulating Cryptocurrencies
WBD049: Coin Center's Peter Van Valkenburg on Preserving the Freedom to Innovate with Public Blockchains